Firestone Ventures Announces Private Placement First Closing
Firestone Ventures Inc. (FV: TSX-V;
F5V:FSE) is pleased to announced a successful first
closing of its non-brokered private placement (previously announced on November
29, 2011) of 10,340,000 units ("Units") at a price of $0.05 per Unit
for gross proceeds of CD$517,000. Each Unit consisted of one common share and
one common share purchase warrant ("Warrant"). Each whole warrant
entitles the holder to purchase one common share for a price of $0.10/share at
any time within 12 months of issuance.
The Units were sold to qualified purchasers in reliance upon exemptions from
the prospectus and registration requirements of applicable securities
legislation. The proceeds from the sale of the Units will be used for
exploration on existing properties and for general working capital.
The securities issued are subject to a four month resale restriction which
expires on April 22, 2012. In connection with the private placement, the
Company paid certain arm's-length parties an aggregate of $5,600 pursuant to
TSX Venture Exchange Policy. Completion of the offering is subject to all
required regulatory approvals, including the acceptance of the TSX Venture
Firestone Ventures Inc. is a Canadian-based resource exploration and
development company with zinc-lead-silver projects in Central America and
Nevada, U.S.A. The common shares of the Company are currently listed on the TSX
Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).