Business
Starfire closes $1,500,000 private placement
Starfire closes $1,500,000 private placement.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Aug. 29 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased\nto announce that further to its news release of August 3, 2006, the Company\nhas closed the first tranche of its private placement and has issued a total\nof 5,357,138 flow through units to the MineralFields Group at $0.28 per unit\nfor total proceeds of $1,500,000.\nEach flow-through unit consists of one common share and one share\npurchase warrant. Each warrant entitles the holder to acquire one additional\nshare for a period of 2 years from the date of issue at an exercise price of\n$0.45 in the first year and $0.60 in the second year. A restriction on the\nwarrants provides that if the Company's shares close at $0.60 or higher in the\nfirst year and $0.85 or higher in the second year on the TSX Venture Exchange\nfor 20 consecutive trading days, then the warrants must be exercised within 30\ncalendar days of express written notice to the subscriber or they will be\ncancelled.\nIn connection with this closing, the Company has issued an aggregate of\n267,856 shares and 535,714 share purchase warrants as a finder's fee. Each\nwarrant entitles the holder to acquire one share for a period of 2 years from\nthe date of issue at an exercise price of $0.45 in the first year and $0.60 in\nthe second year. A restriction on the warrants provides that if the Company's\nshares close at $0.60 or higher in the first year and $0.85 or higher in the\nsecond year on the TSX Venture Exchange for 20 consecutive trading days, then\nthe warrants must be exercised within 30 calendar days of express written\nnotice to the subscriber or they will be cancelled.\nAll securities issued pursuant to this private placement are subject to a\nCanadian hold period expiring December 22, 2006.\n\nAbout Starfire:\n---------------\n\nStarfire Minerals Inc. includes uranium, nickel and precious & base metal\ndivisions with ten Canadian properties in Ontario, Quebec and British\nColumbia.\nA drilling program is currently underway on the companies 100% owned\nLangmuir South Nickel Property in Timmins Ont. Drill results are pending. A\nfield crew has commenced work on the Company's Porphyry Pearl Gold Copper\nProperty in the Toodoggone region of North-Central B.C. The Toodoggone Mineral\nBelt hosts several large Porphyry copper gold reserves and has several\nepithermal...