LANGLEY, BC, Dec. 1 /CNW/ - Starfire Minerals Inc. (TSXV: SFR) (the "Company") is pleased to announce a non-brokered private placement of up to $1,000,000 through the sale of up to 8,333,334 flow-through shares (the "FT Shares") at a price of $0.06 per FT Share and up to 10,000,000 units (the "Units") at a price of $0.05 per Unit.
Each Unit will consist of one common share and one two year warrant, with each warrant being exercisable into one additional common share at a price of $0.10 per share, subject to forced acceleration in the event the Company's shares close at a price of $0.15 or higher per share for 20 consecutive trading days.
A finder's fee of a combination of cash, shares and/or warrants will be paid to eligible finders in relation to this financing, all in accordance with regulatory policies.
A substantial portion of this private placement has been subscribed for by the directors/officers, as well as current shareholders of the Company.
The flow-through proceeds received will be used for work on the Company's exploration properties.
The above financing is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
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
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.
SOURCE Starfire Minerals Inc.
For further information: For further information: Starfire Minerals Inc., 25685 82nd Avenue, Langley, B.C., V1M 2M8, Telephone: (604) 687-6716, Fax: (604) 687-6714