New Issue: First Narrows wraps first tranche of units sale for C$333,398

By Devika Patel

Knoxville, Tenn., July 28 - First Narrows Resources Corp. said it raised C$333,398 in the initial tranche of a C$1 million in a non-brokered private placement of units. The deal priced July 24.

The company plans to sell up to 6,363,637 units total at C$0.11 apiece for C$700,000 and up to 2 million flow-through units at C$0.15 apiece for C$300,000.

It sold 2,417,259 units for C$265,898.49 and 450,000 flow-through units for C$67,500 in this tranche.

Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$0.22 for two years.

Each flow-through unit consists of one flow-through common share and a half-share warrant. The whole warrants are exercisable at C$0.30 for two years.

Proceeds will be used for exploration and general corporate purposes.

First Narrows is a Vancouver, B.C.-based mineral exploration company.

Issuer:	First Narrows Resources Corp.
Issue:	Units of one common share and half-share warrant, flow-through units of one flow-through common share and half-share warrant
Amount:	C$1,000,000.07
Agent:	Non-brokered
Pricing date:	July 24
Settlement date:	July 28 (for C$333,398.49)
Stock symbol:	TSX Venture: UNO
Stock price:	C$0.09 at close July 23
Units
Amount:	C$700,000.07
Units:	6,363,637
Price:	C$0.11
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.22
Flow-through units
Amount:	C$300,000
Units:	2 million
Price:	C$0.15
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.30

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