VANCOUVER, July 12 /CNW/ - First Star Resources Inc. (TSX-V: FRS) ("First Star") is pleased to announce the completion of the Company's private placement. The offering comprises of 8,500,000 units at $0.20 raising gross proceeds of $1,700,000. Each unit consists of one common share of the Company and a non-transferable share purchase warrant. The warrants have a 2 year exercise term where one whole warrant may be exercised for the purchase of one further common share of the Company at the exercise price of $0.25 per common share. The warrant is subject to the following acceleration provision: if the closing trading price for the common shares of the Issuer as traded on the TSX Venture Exchange is equal to or greater than $0.90 per common share for 10 consecutive trading days (the "Threshold Period"), then the Company shall issue a press release announcing the occurrence of the Threshold Period. The Subscriber shall have until 4:00 pm (Vancouver, BC Time) of the 30th calendar day after the date of dissemination of the press release to exercise the share purchase warrants (the "Accelerated Expiry Date"). The share purchase warrants shall expire on the earlier of the last day of the 2 year exercise term or the Accelerated Expiry Date.
"With the company's favourable share structure and key gold targets already defined in a highly active gold belt, First Star Resources is provided with the opportunity to become the next company to make a major discovery in this very fertile gold belt." stated Bill Wishart, President and CEO of First Star Resources, Inc.
The private placement funds shall be used to fund the LMS and WP mineral exploration projects in Alaska located in the Tintina Gold belt.
About First Star Resources Inc.
First Star Resources is a junior exploration company focused on gold exploration in the world famous Tintina Gold belt in Alaska. The Tintina Gold belt hosts major gold deposits and several mines, such as; Fort Knox Mine-(3.7 million oz gold), the Donlin Creek deposit (33.5 million oz. gold) , the Livengood deposit, (8.1 million oz gold), the White Gold deposit (1.4 million oz gold) (Recently taken over by Kinross Gold Corp), and the Pogo Mine (5.6 million oz gold), which is adjacent to one of First Stars Resources' key targets for this year and the WP property. International Tower Hill (ITH-T) spent several million dollars on the WP and LMS properties which they optioned to First Star Resources after they made their discovery at Livengood. Both of these properties have well defined Gold Targets which First Star Resources will immediately be following up with this summer season.
First Star resources trades under the symbol FS on the TSX.V.
Visit the Company's website, www.firststarresources.com and Facebook page.
ON BEHALF OF THE BOARD
Bill Wishart, President & CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
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Forward-looking statements relating to future events or future performance and reflecting First Star Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
SOURCE FIRST STAR RESOURCES INC.
For further information: For further information: please contact Bill Wishart at (604) 609-0555 or Patrick Forseille, P.Geo. at (604) 608-0300 or toll free at 1-877-609-0555