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| | Fri Jun 27, 2008
Firestone Ventures Inc. and Northern Tiger Resources Inc. - Completion of Plan of Arrangement, Private Placement and Transaction with Sherwood Copper's Minto Explorations Ltd.
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| | June 27, 2008 - Firestone Ventures Inc. ("Firestone") (FV:TSX-V; F5V:FSE) and Northern Tiger Resources Inc. ("Northern Tiger") (NTR:TSX-V) are pleased to announce that the plan of arrangement (the "Arrangement") has been completed, and Northern Tiger has closed its private placement and completed its acquisition agreement with Sherwood Copper Corporation's wholly owned subsidiary Minto Explorations Ltd. ("MintoEx") as announced on June 23, 2008 and before.
All necessary documents have been filed with the Alberta Registrar of Corporations in order to complete the Arrangement and all necessary steps have been taken to ensure that each Firestone shareholder will receive one (1) common share in Northern Tiger ("Northern Tiger Shares") for every five (5) common shares held in Firestone ("Firestone Shares").
Northern Tiger is also pleased to announce that it has closed its non-brokered private placement ("Private Placement") of flow-through common shares ("Flow-Through Common Shares") and units consisting of one (1) Northern Tiger Share and one-half (1/2) of one (1) non-transferrable purchase warrant entitling the holder to purchase an additional Northern Tiger Share at $0.45 for a period of twenty-four (24) months from the date of issuance ("Units").
Under the Private Placement, 5,300,915 Flow-Through Common Shares and 1,717,686 Units were issued for gross proceeds of $2,264,608. Of the total, $650,000 was raised through the sale of 1,969,696 Flow-Through Common Shares to MineralFields Group. In completing the private placement, Northern Tiger has paid finders' fees totaling $65,000 dollars. It is anticipated that Northern Tiger will use the proceeds to advance the mineral properties acquired from Firestone and MintoEx, identify and evaluate other targets in the Dawson Range, and for general corporate purposes.
As a result of the closing of the Arrangement and the Private Placement, the TSX Venture Exchange (the "Exchange") has confirmed that the Northern Tiger Shares will be listed and commence trading on the Exchange under the symbol NTR on June 30, 2008.
Northern Tiger further announces that the closing of the previously announced transaction with MintoEx. As part of the transaction, MintoEx transferred to Northern Tiger a one hundred (100%) percent interest in five Dawson Range exploration properties and an extensive historical exploration database for the region. The five properties encompass exploration targets where previous prospecting encountered copper-gold mineralization similar to that hosting MintoEx's nearby Minto mine. In addition, Northern Tiger and MintoEx have entered into a Regional Exploration Alliance Agreement ("REAA"), which provides for input and cooperation on planning and executing exploration programs and long term strategies for the area, sharing of proprietary technical expertise to assist in exploration and project advancement, and access to MintoEx's infrastructure to facilitate area exploration.
As consideration for the transfer of the exploration properties, historical database and the support provided to Northern Tiger through the REAA, Northern Tiger has issued to MintoEx 4,343,878 Northern Tiger Shares at a deemed price of $0.30 per share, such shares to be held in escrow pursuant to a TSX Venture Exchange Form 5D Value Security Escrow Agreement.
For additional information, shareholders are referred to Firestone's website at www.firestoneventures.com.
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company focused on its high grade zinc-lead-silver project in Guatemala. Firestone Shares are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
Northern Tiger Resources Inc. is a well-financed Canadian-based resource exploration and development company focused on the rapidly developing Dawson Range in the Central Yukon. Northern Tiger Shares are expected to be listed on the TSX Venture Exchange (symbol NTR) on June 30, 2008.
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r), a division of Limited Market Dealer Inc., is active in resources financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
MintoEx operates the Minto copper-gold mine and is a wholly owned subsidiary of Sherwood Copper Corp. (symbol SWC), a TSX-V listed mining company.
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; F5V: FSE
For Investor Relations please call:
Contact Financial Inc. at (604) 689-7422.
Investors can also visit www.agoracom.com/IR/Firestone or email questions to FV@agoracom.com.
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: Thu Jul 24, 2008, Firestone Ventures Intersects 4.00 Metres of 16.15% Zinc and Expands Area of High-Grade Zinc Mineralization at Torlon Hill
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