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| | Wed Apr 26, 2006
Firestone Ventures Announces Private Placement Closing
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| | April 26, 2006 - Firestone Ventures Inc. (FV: TSX-V) announced today that the Corporation closed a non-brokered private placement ("Private Placement") of units ("Units"), subject to regulatory approval, which raised $4,183,332, a significant increase from the $2,500,000 previously announced. The Corporation will issue 6,972,220 Units at $0.60 per Unit. Each Unit consists of one common share and one-half (1/2) of one share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one additional common share for a price of $0.75 per share until 5:00 p.m. on the earlier of: (i) the date which is eighteen (18) months from the closing date; and (ii) following the four month hold period after the closing date, and in the event that the closing price of the common shares on the TSX Venture Exchange is at least $1.25 for a minimum of 20 consecutive trading days (whether or not trading occurs on such days) (the "Triggering Event"), the Corporation may, in its sole discretion, within 30 days of the Triggering Event, provide written notice to the Subscriber that the exercise period has been reduced to 30 days following delivery of such notice.
The Corporation will pay, in accordance with all regulatory requirements, finder's fees to agents for obtaining subscriptions for Units pursuant to TSX Venture Exchange Policy, and the Units are subject to a four month hold period.
The proceeds of the Private Placement will be used for exploration on existing Canadian and International properties and for working capital requirements.
Firestone Ventures Inc. has a portfolio of high quality uranium, zinc, copper and gold 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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| | You can view the Next News Releases item: Tue May 9, 2006, Firestone Ventures Intersects Additional High-Grade Zinc at Torlon Hill
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