TSXV: SFR
VANCOUVER, Sept. 5 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased
to announce a brokered private placement of up to $300,000 through the sale of
up to approximately 357,142 flow-through units ("FT Units") at $0.28 each
($100,000) and up to 800,000 non-flow-through units ("NFT Units") at
$0.25 each ($200,000). Notre-Dame Capital Inc. will be acting as agent (the
"Agent") in respect of this financing. Each FT Unit will consist of one
flow-through share and one non-flow-through warrant. Each NFT Unit will
consist of one non-flow-through share and one non-flow-through warrant. Each
warrant will entitle the holder to acquire one additional share for a period
of 2 years from the date of issue at an exercise price of $0.45 in the first
year and $0.60 in the second year. A restriction on the warrants provides that
if the Company's shares trade at $0.60 or higher in the first year and $0.85
or higher in the second year on the TSX Venture Exchange for 20 consecutive
trading days, then the warrants must be exercised within 30 calendar days of
express written notice to the subscriber or they will be cancelled. The
Company has agreed to pay the Agent a combination of cash, shares and/or
warrants in relation to this financing, all in accordance with regulatory
policies.
Proceeds received from the flow-through funds will be used for
exploration work on the Company's properties. Proceeds from the
non-flow-through portion of the financing will be used for the costs of the
offering and for general working capital.
The above financings are subject to regulatory approval.
About Starfire:
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Starfire Minerals Inc. includes uranium, nickel and precious & base metal
divisions with ten Canadian properties in Ontario, Quebec and British
Columbia.
A drilling program is currently underway on the Company's 100% owned
Langmuir South Nickel Property in Timmins, Ont. Drill results are pending. A
field crew has commenced work on the Company's Porphyry Pearl Gold Copper
Property in the Toodoggone region of North-Central B.C. The Toodoggone Mineral
Belt hosts several large Porphyry copper/gold reserves and has several
epithermal high grade Gold silver deposits that have been mined or are being
mined.
A further crew has been dispatched to the Company's Cross-Structure
Uranium Property 700 miles east of MontrDeal, Que. Follow up exploration is
planned on this property as a result of encouraging Uranium showings
delineated from its Airborne Radiometric and Magnetic survey and a limited
ground work completed in the fall of 2005. Recent uranium exploration results
from an adjacent property owned by Entourage Mining Ltd, (ETGMF) has
encouraged Starfire to prioritize the work on this project. (See Entourage
Mining Ltd. news releases August 30, 2006 and September 5, 2006).
The Company has also commenced an Airborne Radiometric and Magnetic
Survey, to be flown on 3 of its 4 Uranium Properties. (The Cross-Structure
airborne survey was completed last year). Results from these surveys will
allow the Company to prioritize prospective targets on these properties.
All exploration work is being subcontracted to experienced contractors
with proven track records, the necessary equipment and qualified personnel.
The Company plans to continue work throughout the summer and fall and will
disseminate results from operations as they become available.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
-----------------------
Dan Mosher
President/CEO
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