Attention Business Editors:
Starfield Resources Announces Closing of $20 Million Private Placement Offering
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
TORONTO, May 6, 2008 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB:
SRFDF) today announced it has closed the private placement offering (the
"Offering") of common shares for gross proceeds of $20,000,000.
GMP Securities L.P. acted as the lead agent in connection with the
Offering along with a syndicate of agents that included Dundee Securities
Corporation, Thomas Weisel Partners Canada Inc. and National Bank Financial
Inc. (the "Agents").
Starfield issued 15,000,000 flow through common shares of the Company
("Flow Through Shares") at a price of $1.00 per Flow Through Share and
5,555,556 common shares of the Company ("Offered Shares") at a price of $0.90
per Offered Share in accordance with the terms of the Offering. At the request
of the Company, the Agents did not exercise their option to increase the size
of the Offering by up to 833,333 additional Offered Shares.
"I am pleased that investors' demand for Starfield's offering resulted in
the Company raising $20 million," said Andr� J. Douchane, President and CEO of
Starfield. "We have an aggressive PGE drill program planned for the summer of
2008 and we also intend to conduct a grassroots surface exploration program to
examine the kimberlite and gold potential of our active claims surrounding the
Ferguson Lake project. We expect the first assay results from Phase 1 of the
2008 PGE exploration program to be available in late July 2008."
Starfield will use the proceeds from the Offering for general exploration
expenditures on the Ferguson Lake property and for general working capital
purposes.
With the completion of the Offering, the Company now has 321,807,149
common shares issued and outstanding.
About Starfield
Starfield Resources Inc. is an advanced exploration and emerging early
stage development company focused on its Ferguson Lake
Nickel-Copper-Platinum-palladium-Cobalt property in Nunavut, Canada. The
property is emerging as Nunavut's largest ongoing base and precious metal
project. Starfield has funded the development of a novel, environmentally
friendly and energy-efficient hydrometallurgical flowsheet to recover metals
from massive sulphides at Ferguson Lake.
Caution concerning forward-looking statements:
This press release contains statements that, to the extent that they are
not recitations of historical fact, constitute forward-looking statements
about the Company, its properties and its business plans. Forward-looking
statements may include planned, expected or estimated exploration, drilling
expenditures, reserve estimates, budgets, schedules, working interests,
valuation, pricing and financial data and other projections, as well as any
statements regarding any future plans, objectives or economic performance, or
the assumptions underlying any of the foregoing. Information inferred from the
interpretation of drilling results and information concerning mineral reserve
estimates may also be considered to be forward looking statements, as such
information constitutes a prediction of what might be found when and if a
mineral project is actually developed. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the
forward-looking statements. Known and unknown factors and uncertainties could
cause actual results to differ materially from those projected in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include, but are
not limited to: fluctuations in the currency markets (such as the Canadian
dollars versus the U.S. dollar); fluctuations in the spot and forward prices
of applicable commodities or minerals including platinum, palladium, cobalt,
nickel and copper; changes in national or local government legislation,
taxation, controls, regulations and political or economic developments in
Canada or Nunavut; operating or technical difficulties in connection with
mining or development activities; employee relations; availability and
increasing costs associated with exploration and mining inputs and labour; the
speculative nature of exploration and development, including the risks of
obtaining necessary licenses, approvals and permits; the continued
availability of capital and financing. In addition, there are risks and
hazards associated with the business of exploration, development and mining,
including environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding, and the risk of inadequate
insurance, or inability to obtain insurance, to cover these risks. There can
be no guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions of
the management of the Company on the date the statements are first made. In
evaluating forward-looking statements, readers should specifically consider
the various factors which could cause actual events or results to differ
materially from those indicated by such forward-looking statements. The
Company disclaims any intention, and assumes no obligation, to update or
revise any forward-looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions or opinions,
changes in factors affecting such forward-looking statements or otherwise,
except as required pursuant to applicable securities laws. In making the
forward-looking statements in this press release, the Company has applied
several material assumptions, please refer to the "Risks and Uncertainties"
section of the Company's most recent Management's Discussion & Analysis
document which is available on SEDAR at www.sedar.com or to "Risk Factors" in
the Company's most recent Form 20-F (as most recently amended) which is
available on EDGAR at www.sec.gov. Readers are cautioned not to put undue
reliance on the Company's forward-looking statements.
www.starfieldres.com
%SEDAR: 00009374E
For further information: Andr� J. Douchane, President and CEO, (416) 860-0400
ext. 222, adouchane@starfieldres.com; Greg Van Staveren, Chief Financial
Officer, (416) 860-0400 ext. 223, gvanstaveren@starfieldres.com; Connie
Anderson, Investor Relations, (416) 860-0400 ext. 228,
canderson@starfieldres.com
|
Starfield Resources Inc
|
|
EXPLORATION STAGE |
CODE : SRU.TO |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Starfield Res. is a cobalt and copper exploration company based in Canada. Starfield Res. holds various exploration projects in Canada. Its main exploration properties are FERGUSON LAKE, DOME HILL, MOONLIGHT PROPERTY, BLUSTRY MOUNTAIN, FERGUSON (STAR/WYN) and STILLWATER in Canada. Starfield Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 3.6 millions as of today (US$ 3.5 millions, € 2.7 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.93, and its lowest recent point on March 07, 2013 at CA$ 0.01. Starfield Res. has 718 801 000 shares outstanding. |