03:51 PM EDT, 07/13/2017 (MT Newswires) -- Shares of Saturn Oil + Gas (SMI.V) jumped 11% shortly after announcing late Thursday afternoon that it has acquired a section of land near Flaxcombe, Saskatchewan from a Freehold land owner, bringing the company's total land package in the area to five section with working interest.

Saturn also received approval from the TSX Venture Exchange for the private placement of 12,951,944 units at a price of $0.08 per unit, with each unit consisting of one common share and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at a price of $0.15 for an 18-month period after the date of issue.

Saturn will use the proceeds from the placement to advance its oil and gas properties in Saskatchewan.

Price: 0.10, Change: +0.01, Percent Change: +11