Starfire Minerals Inc. 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.
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.
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