RE: Positioning...You are behind the times. The news on the financing has been out for a while.
Firesteel Resources Inc FTR
Shares issued 12,809,730 Aug 19 2003 close $ 0.09
Tuesday September 2 2003 News Release
Mr. David DuPre reports
FIRESTEEL TO RAISE UP TO $500,000 VIA PRIVATE PLACEMENT AND APPOINTMENT OF NEW SENIOR OFFICERS
Firesteel will be undertaking a private placement to raise up to $500,000 of new equity. The private placement will be units of flow-through common shares, non-flow-through common shares and common share purchase warrants to investors in Alberta and British Columbia, in accordance with specific exemptions whereby Firesteel will not be required to file a prospectus in these jurisdictions. Closing of the private placement of units is scheduled for Sept. 30, 2003, subject to approval by the TSX Venture Exchange and the regulatory authorities concerned.
Details of the unit private placement are that a total maximum of 500 units will be sold at $1,000 per unit. Each unit will be made up of 3,500 common shares, 6,500 common shares with flow-through tax benefits attached and 10,000 warrants allowing the holder to purchase 10,000 common shares at a price of 15 cents per common share, exercisable within a 10-month period following the closing date of the private placement. The warrants will be non-transferable. The price per share within the unit works out to 10 cents per common share. The estimated gross proceeds of the private placement will be a maximum of $500,000. In the event that all of the maximum number of warrants are exercised, Firesteel would receive an additional $750,000. It is anticipated that one or more current insiders of Firesteel may subscribe for units under the private placement.
Exploration on the Poker property will commence during September, depending on field crew availability. This program of geological mapping, rock geochemistry and chip sampling is designed to locate the bedrock source of the numerous high-grade gold-bearing boulders and angular blocks that have been discovered on the property in the past. In 2002 Firesteel made a significant breakthrough when it located several high-grade blocks in a talus apron. Two of these samples returned assays of 40.99 grams per tonne and 45.56 grams per tonne gold. These angular blocks are located 50 metres down-slope from a bedrock ridge. This area will be the primary focus of this year's program. The target at Poker is a high-grade shear-vein gold deposit of the nearby Snip mine type (1.4 million tonnes at 25.75 grams per tonne gold). If the weather permits, a program of line cutting, geological mapping, soil geochemistry and IP will be carried out on the Copper Creek property in late September or early October.
Firesteel is also pleased to announce the appointment of two new senior officers. Donald Barker, of Vancouver, has been appointed as vice-president of corporate development, and Jeffrey Gold has been appointed as chief financial officer. Mr. Barker's primary responsibility will be to search for, evaluate and acquire new projects for Firesteel. He has 35 years of experience in the mining industry, of which 20 years was with major mining companies and 15 years as a consultant, both in Canada and internationally. Mr. Gold's main role will be to administer the financial aspects of the corporation and address all regulatory issues that arise. He has over 30 years experience in the mining industry relating to finance and administration -- primarily in B.C.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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