/Not for distribution to U.S. newswire services or for dissemination in
TORONTO, June 20, 2011 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB: SRFDF) ("Starfield" or the "Company") today
announced it has closed its previously announced private placement
offering of units led by M Partners Inc. (the "Offering").
Together with the flow-through unit closing announced on May 30, 2011,
and this closing, the Company raised a total of $5,153,285.
The Offering consisted of the sale of $1,363,650 of units (the "Units")
at a price of $0.05 per Unit. Each Unit consisted of one common share
and one common share purchase warrant (each a "Warrant"). Each Warrant
entitles the holder to purchase one additional common share of
Starfield at a price of $0.08 for 24 months from the closing date. All
securities issued under the Offering will be subject to a hold period
of four months plus one day extending from the closing date of the
The Company intends to use the net proceeds from this closing for
exploration on its Stillwater property in Montana and for general
operating expenses. The proceeds from the previously announced closing
of flow through funds will be used for exploration at the Company's
Ferguson Lake property in Nunavut, including the advancement of the
In connection with the Offering, the Company paid a cash commission of
8% of the gross proceeds of the Offering.
Starfield Resources Inc. is an advanced exploration and development
stage company. The Company's primary asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada.
Additional assets include a nickel-copper-cobalt-PGE-chrome project in
the Stillwater district of Montana with historic copper, nickel,
chromite resources (non NI 43-101 and not to be relied on); the
Moonlight copper project in California; and two gold properties
currently leased/joint ventured in Nevada.
Starfield has also funded the development of a novel, environmentally
friendly and energy efficient hydrometallurgical flow sheet to recover
metals from massive sulphides.
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks
involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors described
above and in the Company's most recent annual information form under
the heading "Risk Factors" which has been filed electronically by means
of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Starfield Resources Inc.
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