TSXV: SFR
VANCOUVER, Aug. 3 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) is pleased
to announce a non-brokered private placement of up to $1,800,000 through the
sale of up to approx. 5,400,000 flow-through units ("FT Units") at $0.28 each
(approx. $1.5 million) to the Mineral Fields Group and up to 1,200,000
non-flow-through units ("NFT Units") at $0.25 each ($300,000).
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 close 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.
A finder's fee of a combination of cash, shares and/or warrants will be
paid 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 exploration 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 financing is 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 is being mobilized to start work this week 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 is being dispatched in the 3rd week of Aug. 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.
The Company has authorized an Airborne Radiometric and Magnetic Survey,
to be flown next week on 3 of its 4 Uranium Properties. Results from these
surveys will allow the Company to prioritize prospective target on these
properties.
All exploration work is being subcontracted to exploration contractors
with a proven track record, 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.
About Mineral Fields:
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Mineral Fields Group is a Toronto-based mining fund with significant
assets under administration that offers its tax-advantaged super flow-through
limited partnerships to investors throughout Canada during most of the
calendar year, as well as hard-dollar limited partnerships to investors
throughout the world. Information about Mineral Fields Group is available at
www.mineralfields.com.
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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RESPONSIBILITY FOR ITS CONTENTS.
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OR ACCURACY OF THIS RELEASE.
