Firestone Ventures Announces Private Placement Closing
EDMONTON, ALBERTA -- (Marketwire) -- 01/19/11 -- Firestone Ventures Inc. (TSX VENTURE: FV)(FRANKFURT: F5V) is pleased to announced that it has closed a non-brokered private placement (previously announced on December 20, 2010) of 13,455,000 units ('Units') at a price of $0.10 per Unit for gross proceeds of CD$1,345,500. Each Unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for a price of $0.15/share at any time within 24 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 primarily for exploration on existing properties in Nevada and Guatemala and for general working capital.
The common shares and warrants comprising the Units and common shares issuable upon exercise of the warrants are subject to a four month restricted period which expires on May 19, 2011. In connection with the private placement and in accordance with regulatory requirements, the Company paid certain arms-length parties an aggregate of $85,295 pursuant to TSX Venture Exchange Policy. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
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).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Firestone Ventures Inc.
Lori Walton, P. Geol.
President
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com