TSXV: SFR
VANCOUVER, June 19 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased to announce a non-brokered private placement of up to $2,067,350 through the sale of up to 1,666,666 non-flow-through units @ $0.30/unit; up to 4,357,141 initial flow-through units @ $0.35/unit and up to 121,000 second flow-through units @ $0.35/unit. Of this amount, 1,428,570 initial flow-through units ($500,000) will be issued to the Mineralfields Group and 1,500,000 initial flow-through units ($525,000) will be issued to Cordilleran 2007 Resources Limited Partnership.
Each non-flow-through unit will consist of one non-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 initial flow-through unit will consist 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 will consist 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.
A finder's fee of a combination of cash, shares and/or warrants will be paid to eligible finders in relation to these financings, all in accordance with regulatory policies.
The flow-through proceeds received will be used for work on the Company's exploration properties. The non-flow-through proceeds received will be used for general working capital.
The above financing is subject to regulatory approval.
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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