EDMONTON, ALBERTA -- (Marketwire) -- 12/21/11 -- Firestone Ventures Inc. (TSX VENTURE: FV)(FRANKFURT: F5V) 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 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.
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