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First Narrows Resources Closes First Tranche of Private Placement, Gross Proceeds of $333,400 Raised
First Narrows Resources Closes First Tranche of Private Placement, Gross Proceeds of $333,400 Raised
About this update from Northern Uranium Corp.
[{"type":"text","content":"First Narrows Resources Closes First Tranche of Private Placement, Gross Proceeds of $333,400 Raised\n\n\n\nFirst Narrows Resources Closes First Tranche of Private Placement, Gross Proceeds of $333,400 Raised\n\nNot For Dissemination in the United States or Via US Newswire Services\n\nVancouver, British Columbia CANADA, July 28, 2008 /FSC/ - First Narrows Resources Corp. (UNO - TSX Venture, FNRWF - OTCBB_Pink_Sheets), (the \"Company\") is pleased to announce that it has raised $333,400.00 in connection with the non-brokered private placement (the \"Offering\") announced July 24, 2008. The Company placed an aggregate 2,867,259 units, which includes 450,000 flow-through units (the \"Flow-Through Units\") for proceeds totaling $67,500.00 and 2,417,259 common share units (the \"Common Share Units\") for proceeds totaling $265,900.00. \n\nThe Flow-Through Units consist of one flow-through common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of $0.30 for a period of two years following the close of the Offering. The Common Share Unit consist of one common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of $0.22 per common share for a period of two years following the close of the Offering.\n \nProceeds arising from the sale of the Flow-Through Units will be used to fund the Company's exploration programs in the Province of New Brunswick, Canada. Proceeds arising from the sale of the Common Units will be used to fund the Company's exploration programs in the State of Sonora, Mexico and for general corporate purposes.\n\nThe offering is subject to TSX Venture Exchange approval. All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation. \n\nAbout First Narrows Resources Corp.:\n\nFirst Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral exploration company whose corporate strategy is to develop overlooked and undervalued mineral properties that offer near term production potential. The Company has active projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced are the Susana D'Oro Cu-Au-Ag deposit, a f...