Starfield Completes Private Placement
Vancouver, Canada (ots/PRNewswire)
- Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut, Canada
Starfield Resources Inc. (TSX.V: SRU and OTC BB: SRFDF)
("Starfield" or the "Company") is pleased to announce that it has
completed the second closing of its previously announced private
placement offering of up to CDN$16,566,653 (the "Offering").
Starfield completed the offering of an additional 4,349,060 units of
the Company at a price of CDN$0.53 per unit for aggregate proceeds of
CDN$2,305,000. Each unit consists of one common share and one-half of
one transferable common share purchase warrant of the Company. Each
whole warrant entitles the holder to acquire one common share of the
Company at an exercise price of CDN$0.75 per common share during the
period ending one year from May 23, 2006. This closing together with
the first closing of CDN$14,261,652 announced on May 11, 2006 results
in gross proceeds of approximately CDN$16,566,653 received by the
Company.Max Capital Markets Ltd. received a further finder's of CDN$18,550 and 143,165 compensation options. The compensation options may be exercised at a price of CDN$0.65 per common share during the period ending one year from May 23, 2006.
The shares, warrants and any shares acquired on the exercise of warrants will be subject to a four month hold period expiring September 24, 2006.
About Starfield
Starfield Resources Inc. is an advanced exploration and development company focused on its Ferguson Lake Copper-Nickel-Cobalt-Palladium-Platinum property located in Nunavut, Canada. The Ferguson Lake property covers more than 1.3 million acres and is 100% owned by the Company. Since 1999, Starfield has completed more than 100,000 metres of diamond drilling in 243 holes. In addition to the NI 43-101 technical report dated May 15, 2006 by N.C. Carter PhD. P.ENG which was filed on Starfield's SEDAR website on May 25, 2006, the Company expects to announce the results of geostatistical evaluations and a scoping study in 2006. A developing feature of this mineral district is the significant discovery of high grade platinum and palladium mineralisation found in the footwall to the massive sulphide deposit. Starfield's Ferguson Lake Project is unfolding as Nunavut's largest ongoing base and precious metal project.
On behalf of the Board of Directors,
Glen C. Macdonald, P.Geo., Director (Glen Macdonald is the Qualified Person under National Instrument 43-101 responsible for preparing the technical disclosure in this news release)
Caution concerning forward-looking statements
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the US Securities Act of 1993, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable securities laws or an exemption from such registration is available.
www.starfieldres.com
Contact:
Michael Joyner, The Equicom Group, +1-416-815-0700 ext.275,
mjoyner@equicomgroup.com or Leif Smither, Starfield Resources,
+1-877-233-2244