Business
Starfire Increases Private Placements and Closes First Tranche
Starfire Increases Private Placements and Closes First Tranche.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\nTSXV: SFR\n\n\nVANCOUVER, July 13 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased\nto announce that further to its news release of June 19, 2007, the Company has\nincreased its private placement by 600,334 non-flow-through units which will\nresult in the Company receiving a total of $2,247,450 in private placement\nproceeds.\n\n\nThe Company has also now closed the first tranche of its private\nplacement and has issued a total of 2,928,570 initial flow-through units\n@$0.35/unit and 121,000 second flow-through units @$0.35/unit for gross\nproceeds of $1,067,350.\n\n\nOf the 2,928,570 initial flow-through units issued, 1,428,570 ($500,000)\nwere issued to the Mineralfields Group and 1,500,000 ($525,000) were issued to\nCordilleran 2007 Resources Limited Partnership. Each initial flow-through unit\nconsists of one flow-through common share and one-half of one two year\nnon-flow-through warrant, with each whole warrant being exercisable at a price\nof $0.50/share in the first year and $0.75/share in the second year, subject\nto forced acceleration in the event the Company's shares close at a price of\n$0.66/share in the first year and $1.05/share in the second year for 20\nconsecutive trading days.\n\n\nEach second flow-through unit consists of one flow-through common share\nand one-half of one non-flow-through warrant, with each whole warrant being\nexercisable at a price of $0.50/share for one year.\n\n\nIn connection with this closing, the Company has issued an aggregate of\n58,571 shares and 292,857 share purchase warrants as finder's fees. Each\nwarrant entitles the holder to acquire one common share and one-half of one\ntwo year common share purchase warrant, with each whole warrant being\nexercisable at a price of $0.50/share in the first year and $0.75/share in the\nsecond year, subject to forced acceleration in the event the Company's shares\nclose at a price of $0.66/share in the first year and $1.05/share in the\nsecond year for 20 consecutive trading days.\n\n\nAll securities issued pursuant to this private placement are subject to a\nCanadian hold period expiring November 12, 2007.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS OF\n\n\nSTARFIRE MINERALS INC.\n\n\n"Dan Mosher"\n\n\n-----------------\n\n\nDan Mosher\n\n\nPresident/CEO\n\n\nTHIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL\n\n...