VANCOUVER, Sept. 25 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) (the
"Company") is pleased to announce that further to its news release of
September 5, 2008, the Company has closed the first tranche of its
non-brokered private placement and has issued a total of 8,100,000 flow
through units (the "FT Units") at $0.10 per FT Unit. $750,000 of this
financing was purchased by the MineralFields Group.
Each FT 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 $0.20 per share in the first year and $0.30 per
share in the second year, subject to forced acceleration in the event the
Company's shares close at a price of $0.35 per share in the first year and
$0.45 per share in the second year for 20 consecutive trading days.
In connection with this closing, the Company paid a finder's fee of: (i)
$22,500 cash; (ii) 150,000 non-flow-through shares; and (iii) 750,000
warrants. Each warrant is exercisable into one non-flow-through common share
at a price of $0.20 per share in the first year and $0.30 per share in the
second year, subject to forced acceleration in the event the Company's shares
close at a price of $0.35 per share in the first year and $0.45 per 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 January 26, 2009.
About Starfire Minerals Inc.
Starfire Minerals Inc. is a professionally managed exploration company
based in Vancouver British Columbia. The Company is listed on the TSX Venture
Exchange (TSXV: SFR) and the Frankfurt Exchange (WKN 784574). The Company's
focus is the exploration of prospects for uranium, nickel and gold/base metals
in Quebec, Ontario and British Columbia. The Company has optioned or ownership
in 13 properties: seven uranium properties in Quebec and Ontario, five nickel
properties in Ontario and one precious metal property in British Columbia.
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management) 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
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of,
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Information
Certain information regarding the Company set forth in this press
release, including the use of proceeds, and management's assessment of the
Company's future plans and operations contain forward looking information that
involve substantial known and unknown risks and uncertainties. The forward
looking information is subject to numerous risks and uncertainties, some of
which are beyond the Company's and management's control, including but not
limited to, the impact of general economic conditions, industry conditions,
fluctuation of commodity prices, fluctuation of foreign exchange rates,
imperfection of reserve estimates, environmental risks, industry competition,
availability of qualified personnel and management, stock market volatility,
timely and cost effective access to sufficient capital from internal and
external sources. The Company's actual results, performance or achievement
could differ materially from those expressed in or implied by, the forward
looking information and accordingly, no assurance can be given that any of the
events anticipated to occur or transpire form the forward looking information
will provide any benefits to the Company.
For further information:
For further information: Starfire Minerals Inc., 520 - 355 Burrard
Street, Vancouver, B.C., V6C 2G8, Telephone: (604) 669-5642, Facsimile: (604)