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.
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Parent: | Firesteel Resources Inc.
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Issue: | Common shares, flow-through shares
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Amount: | C$3.07 million
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Dec. 10
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Settlement date: | Jan. 2 (for C$2,199,408)
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Stock symbol: | TSX Venture: FTR
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Stock price: | C$0.15 at close Dec. 10
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Common shares
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Amount: | C$2.55 million
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Shares: | 1.7 million
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Price: | C$1.50
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Flow-through shares
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Amount: | C$2.52 million
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Shares: | 1.4 million
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Price: | C$1.80
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