Business
Starfire Minerals Inc. announces up to $1.8 million private placement
Starfire Minerals Inc. announces up to $1.8 million private placement.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Aug. 3 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased\nto announce a non-brokered private placement of up to $1,800,000 through the\nsale of up to approx. 5,400,000 flow-through units (\"FT Units\") at $0.28 each\n(approx. $1.5 million) to the Mineral Fields Group and up to 1,200,000\nnon-flow-through units (\"NFT Units\") at $0.25 each ($300,000).\nEach FT Unit will consist of one flow-through share and one\nnon-flow-through warrant. Each NFT Unit will consist of one non-flow-through\nshare and one non-flow-through warrant. Each warrant will entitle the holder\nto acquire one additional share for a period of 2 years from the date of issue\nat an exercise price of $0.45 in the first year and $0.60 in the second year.\nA restriction on the warrants provides that if the Company's shares close at\n$0.60 or higher in the first year and $0.85 or higher in the second year on\nthe TSX Venture Exchange for 20 consecutive trading days, then the warrants\nmust be exercised within 30 calendar days of express written notice to the\nsubscriber or they will be cancelled.\nA finder's fee of a combination of cash, shares and/or warrants will be\npaid 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 exploration 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 financing is subject to regulatory approval.\n\nAbout Starfire:\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 is being mobilized to start work this week on the Company's\nPorphyry Pearl Gold Copper Property in the Toodoggone region of North-Central\nB.C. The Toodoggone Mineral Belt hosts several large Porphyry copper gold\nreserves and has several epithermal high grade Gold silver deposits that have\nbeen mined or are being mined.\nA further crew is being dispatched in the 3rd week of Aug. to the\nCompany's Cross-Structure Uranium ...