By Devika Patel
Knoxville, Tenn., Jan. 3 - Firesteel Resources Inc. said its subsidiary, Blacksteel Oil Sands Inc., has raised C$2.2 million in the first tranche of a C$3.07 million non-brokered private placement of shares. The deal priced on Dec. 10.
In this tranche, Blacksteel sold 305,500 common shares for C$458,250 and 967,310 flow-through shares for C$1,741,158.
The company plans to sell up to 1.4 million flow-through shares at C$1.80 each for C$2.52 million and up to 1.7 million common shares at C$1.50 apiece for C$2.55 million.
Proceeds will be used to begin a drilling program on Blacksteel's oil sands leases.
Vancouver, B.C.-based Firesteel Resources is a precious and base metals exploration company.
| Issuer: | Blacksteel Oil Sands Inc.
|
| Parent: | Firesteel Resources Inc.
|
| Issue: | Common shares, flow-through shares
|
| Amount: | C$3.07 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 2 (for C$2,199,408)
|
| Stock symbol: | TSX Venture: FTR
|
| Stock price: | C$0.15 at close Dec. 10
|
|
|
| Common shares
|
| Amount: | C$2.55 million
|
| Shares: | 1.7 million
|
| Price: | C$1.50
|
|
|
| Flow-through shares
|
| Amount: | C$2.52 million
|
| Shares: | 1.4 million
|
| Price: | C$1.80
|
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