VANCOUVER, April 29, 2013 /CNW/ - Starfire Minerals Inc. (the "Company" or "Starfire") announces that it has received final approval to list its common shares on the Canadian National Stock Exchange ("CNSX"), and has obtained approval to voluntarily delist its common shares from the TSX Venture Exchange (the "TSX-V"). The Company's common shares will commence trading on the CNSX effective Monday, April 29, 2013 under the symbol "SFR", and will be delisted from the TSX-V effective the close of business on April 26, 2013.
The Company expects that the transition between the TSX-V and the CNSX will be completed in a seamless manner.
Concurrent with listing on the CNSX, and further to its news release of May 17, 2012, the Company will be completing a non-brokered private placement of $2,941,103.05 through the sale of 58,822,061 units of the Company (the "Units") at $0.05/Unit. Each Unit will be comprised of one common share and one share purchase warrant, with each warrant being exercisable into one additional common share at a price of $0.10/share for a period of five years from the date of issuance. A finder's fee of 3,082,000 units, on the same terms as the Units described above, will be paid to eligible finders in relation to this financing, all in accordance with regulatory policies. Proceeds from this private placement will be used to pay outstanding debt and for general working capital.
In addition, the Company will be settling an aggregate of $497,667.44 in debt by issuance of an aggregate of 9,953,348 shares at a deemed price of $0.05/share to certain creditors of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
Dan Mosher, President & CEO
This press release was prepared by management who takes full responsibility for its contents.
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.
Neither the CNSX Exchange nor its regulations services accepts responsibility
for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or solicitation of an offer to sell any of the units in the United States. The units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release contains certain forward-looking statements about the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "scheduled" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management as at the date hereof. Forward-looking statements included or incorporated by reference in this press release include statements with respect to the proposed CNSX listing and TSX-V de-listing, the proposed terms of the Private Placement and the anticipated use of proceeds of the funds raised and the proposed terms of the shares for debt transactions. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE: Starfire Minerals Inc.
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