This company will be drilling J/V coalprospect of NAG.
More drills testing NAG properties.
Silver Fields arranges $350,000 private placement
2009-02-27 13:46 EST -News Release
Shares issued 79,673,891
SF Close 2009-02-26 C$0.02
Mr. Chris England reports
SILVER FIELDS ANNOUNCES PRIVATE PLACEMENT
Silver Fields Resources Inc. is offering a non-brokered private placement for securities in the amount of $350,000.
The issue will consist of the following:
- Non-flow-through units -- up to 7.5 million non-flow-through units at two cents per unit -- Each unit consists of one non-flow-through common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder to buy one common share of the company for a period of 36 months from the date of the closing of the private placement. The exercise price of the warrants will be five cents for the first 12-month term of the warrants and 10 cents for the remaining 24-month term of the warrants.
- Flow-through units -- up to 10 million flow-through units at two cents per unit -- Each unit consists of one flow-through common share in the capital of the company and one non-flow-through common share purchase warrant. Each warrant will entitle the holder to buy one common share of the company for a period of 36 months from the date of the closing of the private placement. The exercise price of the warrants will be five cents for the first 12-month term of the warrants and 10 cents for the remaining 24-month term of the warrants. The company shall rely on the accredited investor exemption (British Columbia, Alberta and Ontario), and the friends and relatives exemption (B.C.), and therefore will not be preparing an offering document.
The gross proceeds of the offering will be used in part for generalworking capital, and the flow-through portion of the private placementwill be used for qualified Canadian exploration expenditures.
The company will pay a finder's fee, in connection with the privateplacement, of 10-per-cent cash plus 10-per-cent agent's warrants, wherepermitted by the TSX Venture Exchange. The exercise price of theagent's warrants will be five cents for the first 12-month term of thewarrants and 10 cents for the remaining 24-month term of the warrants.
The private placement is subject to the approval of the TSX-V.