VANCOUVER, Sept. 26 /CNW/ - Starfire Minerals Inc. (the "Company") is
pleased to announce that it has filed its submission with the TSX Venture
Exchange ("TSX-V") to obtain conditional approval to the spin-off of its two
subsidiaries, Starfire Nickel Inc. ("Nickel") and Starfire Uranium Inc.
("Uranium") pursuant to a plan of arrangement (the "Arrangement").
Concurrently, Nickel and Uranium have submitted an application to have their
common shares listed on the Exchange upon completion of the Arrangement.
The purpose of the Arrangement is to restructure the Company so that all
of its nickel properties are transferred to Nickel and all of its uranium
properties are transferred to Uranium. This will allow Nickel to focus its
efforts on the nickel properties, Uranium to focus its efforts on the uranium
properties and the Company to focus its efforts on its Porphyry Pearl
Consideration for the properties being transferred to Nickel and Uranium
will be comprised of shares of the Company, which will then, pursuant to the
Arrangement, be passed on to the Company's shareholders on a 3:1 basis (i.e.,
shareholders will receive 1 share of Nickel for every 3 shares of Starfire
held and 1 share of Uranium for every 3 shares of Starfire held).
Warrantholders of the Company who exercise their warrants after the effective
date of the Arrangement will receive 1 share of the Company, 1/3 of one Nickel
share and 1/3 of one Uranium share for each warrant so exercised. On the
effective date of the Arrangement, all options of the Company will be
cancelled and in lieu thereof each optionholder will be issued 1 new option in
the Company, 1/3 of one Nickel option and 1/3 of one Uranium option. Any
Nickel and Uranium options granted to persons who would not otherwise qualify
for such options but for the Arrangement, will expire 90 days after the
effective date of the Arrangement. The exercise price per option will be
determined based on the 10 day weighted average price of the shares for each
of the Company, Nickel and Uranium, as listed and posted on the Exchange,
commencing on the effective date of the arrangement.
The Company will be seeking shareholder and optionholder approval to the
Arrangement at its upcoming annual and special meeting ("AGM"). The date of
the Company's proposed AGM will be set as soon as the Company receives
confirmation from the TSX-V that it can proceed with calling the meeting. The
Company will advise its shareholders of the date and time of this meeting as
soon as the meeting details are finalized.
Management is confident this is a significant step forward for Starfire
and of significant benefit to all shareholders. With each metals group in its
own entity, there is significant potential to maximize value and highlight
each project in a more effective manner. New as well as existing shareholders
will be able to focus on the project(s) of choice and invest accordingly.
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.
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)