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| | Mon Sep 19, 2005
Firestone Ventures Announces Third and Final Closing of Private Placement Financing
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| | September 19, 2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce the third and final closing of a Private Placement financing (the "Placement") where 529,111 Units will be issued at $0.36 per Unit for gross proceeds of $190,480, subject to regulatory approval. Each Unit is comprised of one common share, two flow-through common shares and three non-transferable common share purchase warrants ("Warrant"). Each Warrant entitles the holder to acquire one Firestone common share at an exercise price of $0.18 until two years from the date of closing. The Units will be subject to a four-month hold period. Firestone paid finder's fees of $17,712.00 to arm's-length parties in connection with the Placement.
A total of $540,740.00 has been raised by Firestone pursuant to the first, second and final closings of the flow-through private placement. The proceeds from the Placement will be used for general working capital and for exploration of the Company's Canadian exploration projects. Priority will be given to the completion of surface exploration on the Amazing Grace gold property in British Columbia and the Alberta Sun uranium property in Alberta and the subsequent delineation of drill targets.
As previously announced on July 22, 2005, Firestone also closed a second private placement, subject to regulatory approval, in which 200,000 Units at Cdn $0.12 (US $0.10) per Unit for gross proceeds of $24,000 were issued. Each Unit consisted of one common share and one non-transferable common share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one Firestone common share at an exercise price of Cdn $0.18 (US $0.15) until two years from the date of closing. These units are also subject to a four-month hold period.
Following the final closing of these Placements, Firestone will have 24,823,802 common shares issued and outstanding.
Firestone Ventures Inc. has a high-quality portfolio of uranium, gold, copper, and zinc properties.
For further information, please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
info@firestoneventures.com
www.firestoneventures.com
Trading Symbol: FV: TSX-V
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release |
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