Vancouver, BC / ACCESSWIRE / June 2, 2014
/ FIRESTEEL RESOURCES INC.
(TSX-V: FTR) ("Firesteel" or the
"Company")
today announced it has closed the non-brokered private placement
(the "Financing")
previously announced on April 22, 2014. The
Company has closed the private placement with the issuance of
3,488,940 units (the "Units") of the Company at a price
of $0.07 per Unit for gross proceeds of $244,226. Each Unit
consists of one common share (the "Common Share") and one warrant
(the "Warrant"). Each
Warrant entitles the holder to acquire a Common Share at an
exercise price of $0.10 exercisable before November
28th 2014.
Proceeds from the Financing
will be used primarily for operating capital.
Firesteel paid finder's fees on the Financing by way of $24,423
cash and 324,614 brokers warrants, which have the same terms as the
Warrants issued to subscribers above.
The following insiders
participated in the private placement:
-
- Michael
Hepworth (President and CEO) -142,800 units
- Josephine Yu
(wife of director Eugene Chen) - 100,000 units
All securities issued under
the Financing are subject to a four month hold period from the date
of issuance.
The Financing was provided
with conditional approval from the TSX-V Exchange (the "Exchange")
but is still subject to final approval from the
Exchange.
About the
Company
Firesteel is an
exploration-stage junior mining company engaged in the acquisition
and exploration of prospective precious and base metal properties
in Canada and stable jurisdictions around the world.
Firesteel currently has two
highly prospective properties in British Colombia.
The ROK Coyote property
is currently under option to OZ Exploration, a wholly owned
subsidiary of OZ Minerals (ASX:OZE). OZ Exploration has the right
to acquire up to 80% of the property in return for spending
$13,000,000 in exploration expenditures and payment of $1,500,000
in cash to Firesteel.
Highlights of the ROK Coyote property
include:
-
- 6,900 Ha of highly prospective large tonnage targets
with known Cu-Au results
- Historical drilling highlights - 38.37 m @ 1.32% Cu,
1.54 g/t Au
- Adjacent to Red Chris Mine development with Measured
and Indicated mineral resources of 936 million tonnes grading
0.374% Cu, 0.385 g/t Au and 1.224 g/t Ag (0.3 % CuEq Cut-off; as
reported in Imperial Metals press release dated February 02,
2012)
The Sheslay property
is currently under option to Prosper Gold. (TSX-V: PGX).
Under the terms of this agreement, Prosper has the right to acquire
up to 80% of the property in return for spending $5,000,000 on
exploration and payment of $1,000,000 in cash and 1,000,000 Prosper
Gold shares to Firesteel.
Highlights of the Sheslay property
include:
-
- 6,700 Ha property hosts five significant Cu-Au
targets within close proximity with large tonnage, high grade
potential.
- Star Target - 2013 drilling - 6 holes totaling
2339.74 m, showing mineralization (please note that all mineralized
zones are intercept length, true widths have not been
determined):
-
- SO24 - 312.16 m intersection grading
0.37% Cu, 0.24 g/t Au and 0.69 g/t Ag
- SO25 - 269 m intersection grading
0.42% Cu, 0.198 g/t Au and 0.61 g/t Ag
- SO26 - 263 m intersection grading
0.35% Cu, 0.15 g/t Au and 0.63 g/t Ag
- SO27: - 260 m intersection grading
0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag
- SO28: - 60 m intersection grading
0.63 % Cu, 0.3 g/t Au,0.91 g/t Ag
- SO29: - 59 m intersection grading
0.53 % Cu, 0.31 g/t Au, 0.94 g/t Ag
(Results previously reports by Prosper
Gold Corp. on October 1, 2013 and October 29, 2013.)
The Company's management and
board of directors have extensive experience in exploration,
operations, business and corporate finance.
The Company's objective is to
enhance shareholder value as a prospect generator by identifying
and securing early-stage exploration opportunities and developing
them to more advanced stages with the help of joint venture
partners.
The geological information in
the news release has been reviewed by Paul Sarjeant,
P.Geo., who is the Qualified Person for Firesteel Resources Inc.
under NI 43-101.
For further information, please contact:
Firesteel Resources Inc.
Michael Hepworth
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
www.firesteelresources.com
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Neither the
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
Advisory Regarding Forward
Looking Statements
This news release contains forward-looking
statements. Users of forward-looking statements are cautioned that
actual results may vary from forward-looking statements contained
herein. Forward-looking statements include, but are not limited to:
expectations, opinions, forecasts, projections and other similar
statements concerning anticipated future events, conditions or
results that are not historical facts. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". While the Company has
based these forward-looking statements on its expectations about
future events as at the date those statements were prepared, the
statements are not a guarantee of the Company's future performance.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it cannot give any
assurance that such expectations will prove to be
correct.
The
Company's forward-looking statements are expressly qualified in
their entirety by this cautionary statement and are made as of the
date of this new release. Unless otherwise required by applicable
securities laws, the Company does not intend nor does it undertake
any obligation to update or review any forward-looking statements
to reflect subsequent information, events, results or circumstances
or otherwise.
SOURCE: FIRESTEEL RESOURCES INC.
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