TSXV: SFR
VANCOUVER, July 13 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased to announce that further to its news release of June 19, 2007, the Company has increased its private placement by 600,334 non-flow-through units which will result in the Company receiving a total of $2,247,450 in private placement proceeds.
The Company has also now closed the first tranche of its private placement and has issued a total of 2,928,570 initial flow-through units @$0.35/unit and 121,000 second flow-through units @$0.35/unit for gross proceeds of $1,067,350.
Of the 2,928,570 initial flow-through units issued, 1,428,570 ($500,000) were issued to the Mineralfields Group and 1,500,000 ($525,000) were issued to Cordilleran 2007 Resources Limited Partnership. Each initial flow-through unit consists of one flow-through common share and one-half of one two year non-flow-through warrant, with each whole warrant being exercisable at a price of $0.50/share in the first year and $0.75/share in the second year, subject to forced acceleration in the event the Company's shares close at a price of $0.66/share in the first year and $1.05/share in the second year for 20 consecutive trading days.
Each second flow-through unit consists of one flow-through common share and one-half of one non-flow-through warrant, with each whole warrant being exercisable at a price of $0.50/share for one year.
In connection with this closing, the Company has issued an aggregate of 58,571 shares and 292,857 share purchase warrants as finder's fees. Each warrant entitles the holder to acquire one common share and one-half of one two year common share purchase warrant, with each whole warrant being exercisable at a price of $0.50/share in the first year and $0.75/share in the second year, subject to forced acceleration in the event the Company's shares close at a price of $0.66/share in the first year and $1.05/share in the second year for 20 consecutive trading days.
All securities issued pursuant to this private placement are subject to a Canadian hold period expiring November 12, 2007.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
"Dan Mosher"
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Dan Mosher
President/CEO
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