PP increased to $1.2 Million
Increased to maximum ALLOWABLE....... from previous PP announcement. This is a very positive development and may mean that there are some strong results coming out NEXT.
Now that the PP is concluded..... This is what is next from my understanding and what I am looking forward to learning:
1. Drill 1,000 meters into the speculated "high Grade gold lower gneiss zone "
2. Re-assay or assay older cores not yet not 43-101 compliant (2006) or part of the resource content
3. re-evaluate the overlooked silver properties from all cores. Significant silver numbers?
4. 3-D Modeling of past and present results
5. Promotion
6. Announcement of 5000 additional meters of drilling
Positive regards,
Tommer3
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First Star Resources Inc. Increases Private Placement Offering
TSX.V: FS OTCBB: FSRFF FSE: F2U
VANCOUVER, May 12 /CNW/ - First Star Resources Inc. (TSX-V: FS) (the "Company") announces that further to its news release dated March 25, 2011, it has increased its non-brokered private placement to 8,000,000 units at a price of
.15 per unit for gross proceeds of $1,200,000 (the "Offering").
Each Unit will be comprised of one common share (the "Common Share") and one non-transferable common share purchase warrant (the "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of
.20 per Warrant Share, subject to the Company's right of acceleration described below.
The Company may, in its sole discretion but only in the event that the average trading price of the Common Shares on the TSX Venture Exchange has been
.45 per share or greater for a period of 10 days, accelerate the expiry period of the Warrant by providing written notice of such acceleration by way of a news release (the "Acceleration Notice"), such that the exercise period of the Warrant will expire on that day which is 30 days from the date of the Company's Acceleration Notice.
The Company may, in its sole discretion, pay a finder's fee to agents of the Company consisting of a cash fee in an amount of up to 7% of the proceeds raised by such agent as part of this Offering. The proceeds raised will be used for general working capital.
This Offering is subject to the TSX Venture Exchange approval.
About First Star Resources Inc.
First Star Resources is a junior exploration company focused on gold exploration in the world famous Tintina Gold belt in Alaska. The Tintina Gold belt hosts major gold deposits and several mines, such as: Fort Knox Mine-3.7 million oz gold, the Donlin Creek deposit 33.5 million oz. gold, the Livengood deposit, 8.1 million oz gold, White Gold deposit 1.4 million oz gold (recently taken over by Kinross Gold Corp), and the Pogo Mine 5.6 million oz gold, which is adjacent to one of First Stars Resources' key targets for this year, and the WP property. International Tower Hill (ITHT) spent millions of dollars on the WP and LMS properties which they optioned to First Star Resources after they made their discovery at Livengood. Both of these properties have well defined gold targets. First Star Resources recently completed drilling on the LMS, property and now is in the planning stages for its work programs set for early 2011.
ON BEHALF OF THE BOARD
John Campbell CEO
Visit the Company's website, https://www.firststarresources.com/