Business
Starfire Minerals Inc. announces private placements of up to $300,000
Starfire Minerals Inc. announces private placements of up to $300,000.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Sept. 5 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased\nto announce a brokered private placement of up to $300,000 through the sale of\nup to approximately 357,142 flow-through units (\"FT Units\") at $0.28 each\n($100,000) and up to 800,000 non-flow-through units (\"NFT Units\") at\n$0.25 each ($200,000). Notre-Dame Capital Inc. will be acting as agent (the\n\"Agent\") in respect of this financing. Each FT Unit will consist of one\nflow-through share and one non-flow-through warrant. Each NFT Unit will\nconsist of one non-flow-through share and one non-flow-through warrant. Each\nwarrant will entitle the holder to acquire one additional share for a period\nof 2 years from the date of issue at an exercise price of $0.45 in the first\nyear and $0.60 in the second year. A restriction on the warrants provides that\nif the Company's shares trade at $0.60 or higher in the first year and $0.85\nor higher in the second year on the TSX Venture Exchange for 20 consecutive\ntrading days, then the warrants must be exercised within 30 calendar days of\nexpress written notice to the subscriber or they will be cancelled. The\nCompany has agreed to pay the Agent a combination of cash, shares and/or\nwarrants in relation to this financing, all in accordance with regulatory\npolicies.\nProceeds received from the flow-through funds will be used for\nexploration work on the Company's properties. Proceeds from the\nnon-flow-through portion of the financing will be used for the costs of the\noffering and for general working capital.\nThe above financings are subject to regulatory approval.\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 Company's 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 high grade Gold silver deposits that have been mined or are being\nmined.\nA further crew has been dispatched to the Company's Cross-Structure\nUra...