Starfire proceeding with corporate reorganization

About this update from Sandfire Resources America Inc.

[{"type":"text","content":"\n\n\n\nTSXV: SFR\n\n\nVANCOUVER, Sept. 26 /CNW/ - Starfire Minerals Inc. (the "Company") is\npleased to announce that it has filed its submission with the TSX Venture\nExchange ("TSX-V") to obtain conditional approval to the spin-off of its two\nsubsidiaries, Starfire Nickel Inc. ("Nickel") and Starfire Uranium Inc.\n("Uranium") pursuant to a plan of arrangement (the "Arrangement").\nConcurrently, Nickel and Uranium have submitted an application to have their\ncommon shares listed on the Exchange upon completion of the Arrangement.\n\n\nThe purpose of the Arrangement is to restructure the Company so that all\nof its nickel properties are transferred to Nickel and all of its uranium\nproperties are transferred to Uranium. This will allow Nickel to focus its\nefforts on the nickel properties, Uranium to focus its efforts on the uranium\nproperties and the Company to focus its efforts on its Porphyry Pearl\nproperty.\n\n\nConsideration for the properties being transferred to Nickel and Uranium\nwill be comprised of shares of the Company, which will then, pursuant to the\nArrangement, be passed on to the Company's shareholders on a 3:1 basis (i.e.,\nshareholders will receive 1 share of Nickel for every 3 shares of Starfire\nheld and 1 share of Uranium for every 3 shares of Starfire held).\nWarrantholders of the Company who exercise their warrants after the effective\ndate of the Arrangement will receive 1 share of the Company, 1/3 of one Nickel\nshare and 1/3 of one Uranium share for each warrant so exercised. On the\neffective date of the Arrangement, all options of the Company will be\ncancelled and in lieu thereof each optionholder will be issued 1 new option in\nthe Company, 1/3 of one Nickel option and 1/3 of one Uranium option. Any\nNickel and Uranium options granted to persons who would not otherwise qualify\nfor such options but for the Arrangement, will expire 90 days after the\neffective date of the Arrangement. The exercise price per option will be\ndetermined based on the 10 day weighted average price of the shares for each\nof the Company, Nickel and Uranium, as listed and posted on the Exchange,\ncommencing on the effective date of the arrangement.\n\n\nThe Company will be seeking shareholder and optionholder approval to the\nArrangement at its upcoming annual and spec...

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