SRU - TSX.V
SRFDF - OTC BB
VANCOUVER, May 11 /CNW/ - Starfield Resources Inc. (TSX.V: SRU and
OTC BB: SRFDF) ("Starfield" or the "Company") is pleased to announce that it
has completed the first portion ($14,261,652) of its previously announced
private placement offering of up to $16,566,653 (the "Offering"). The final
portion of $2,305,001 is scheduled to close on May 19, 2006. Starfield
completed the offering of 20,075,444 units of the Company at a price of $0.53
per unit and 5,571,796 flow-through common shares of the Company at a price of
$0.65 per flow-through common share for aggregate proceeds of $14,261,652.62.
Each unit consists of one common share and one-half of one transferable common
share purchase warrant of the Company. Each whole warrant entitles the holder
to acquire one common share of the Company at an exercise price of $0.75 per
common share during the period ending one year from May 10, 2006.
Max Capital Markets Ltd. received a finder's fee of $998,315.67 and
859,182 compensation options. The compensation options may be exercised at a
price of $0.65 per common share during the period ending one year from May 10,
2006.
The shares, warrants and any shares acquired on the exercise of warrants
will be subject to a four month hold period expiring September 11, 2006.
About Starfield
Starfield Resources Inc. is an advanced exploration and development
company focused on its Ferguson Lake Copper-Nickel-Cobalt-Palladium-Platinum
property located in Nunavut, Canada. The Ferguson Lake property covers more
than 1.3 million acres and is 100% owned by the Company. Since 1999, Starfield
has completed more than 100,000 metres of diamond drilling in 243 holes. In
addition to the NI 43-101 technical report which is expected to filed on
Starfield's SEDAR website within 45 days of April 6, 2006, the Company expects
to announce the results of geostatistical evaluations and a scoping study in
2006. A developing feature of this mineral district is the significant
discovery of high grade platinum and palladium mineralization found in the
footwall to the massive sulphide deposit. Starfield's Ferguson Lake Project is
unfolding as Nunavut's largest ongoing base and precious metal project.
On behalf of the Board of Directors,
"Glen C. Macdonald"
Glen C. Macdonald, P.Geo., Director
(Glen Macdonald is the Qualified Person under National Instrument 43-101
responsible for preparing the technical disclosure in this news release)
Caution concerning forward-looking statements
---------------------------------------------
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act of
1993, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable securities laws or an
exemption from such registration is available.
Starfield completes first closing ($14,261,652) of private placement
Starfield Resources Inc on 6ix
Story so far
Earlier from Starfield Resources
- Starfield announces increase in private placement
- Starfield announces private placement financing of up to $11,080,000
- Starfield increases inferred resource by 20% and indicated resource by 19%
- Starfield Resources announces addition to Board of Directors
- Starfield Resources retains leading investor relations firm
Later from Starfield Resources
- 2006 development and exploration update
- Starfield completes private placement
- Starfield appoints Chief Financial Officer
- Geostatistical analyses estimates measured resources at Ferguson Lake
- Starfield Resources completes first 47 drill holes of its 2006 program
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