Fire River Announces Closing of Second Tranche of Brokered Financing for gross proceeds of $1.08 Million
04 September 2012 - 2:00PM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
U.S. WIRE SERVICES/ FAU: TSXV FVGCF: OTCQX FSE: FWR VANCOUVER,
Sept. 4, 2012 /CNW/ - Fire River Gold Corp. (the "Company") (OTCQX:
FVGCF) announces that it has closed the second tranche of its
previously announced brokered private placement financing (the
"Offering"). The Company issued 16,602,709 Units at a price
of $0.065 per Unit for aggregate gross proceeds of
$1,079,176.09. Each Unit consists of one common share
("Common Share") and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the purchaser to subscribe
for one additional common share (a "Warrant Share") at an exercise
price $0.10 per Warrant Share for a period of five years. BayFront
Capital Partners Ltd. ("BayFront") acted as agent in connection
with the Offering. The Company paid BayFront, and the selling
group, an aggregate of $86,334.09 and issued 1,328,216 compensation
options (each, a "Compensation Option") as commission in connection
with the Offering. Each Compensation Option is
exercisable into one Unit at a price of $0.065 for a period of five
years. The use of proceeds of the Offering will be used for the
further development of the Company's Nixon Fork mine and for
working capital and general working capital. All Common Shares,
Warrants, and Compensation Options, carry a four-month hold period
restricting them from trading until January 1, 2013. About Fire
River Gold Fire River Gold Corp. is Alaska's newest gold producer,
with a projected 30,000 ounces per year of gold to be produced on
its wholly owned Nixon Fork Gold Mine located in the resource rich
Tintina Gold Belt. Operations started in July 2011, with a near
term production target of 30,000 oz/Au by end of year 2012,
projecting an increase to 40,000 oz/Au per year in 2013, ramping up
to a projected 50,000 ounces in 2014. This year-round mine program
is producing both concentrate and doré bars. Fire River Gold has
fantastic growth potential, with excellent targets identified to
grow its current high grade resource. Coupled with a strong
management team and board of directors, Fire River has a bright
future ahead. Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including with respect to the use of
proceeds of the Private Placement. Forward-looking information is
based on plans and estimates of management at the date the
information is provided and certain factors and assumptions of
management. Forward looking information is subject to a variety of
risks and uncertainties and other factors that could cause plans,
estimates and actual results to vary materially from those
projected in such forward-looking information. Factors that could
cause the forward-looking information in this news release to
change or to be inaccurate include, but are not limited to, the
risks related to unsatisfactory results of due diligence,
international operations and doing business in foreign
jurisdictions, risks associated with mineral exploration and
development activities generally, the risk of commodity price and
foreign exchange rate fluctuations, and risks and uncertainties
associated with securing and maintaining necessary regulatory
approvals. The Company does not undertake to update any
forward-looking information except in accordance with applicable
securities laws. Fire River Gold Corp. CONTACT: Tel: 604 261
0580Email:info@firerivergold.com or visit
www.firerivergold.comSuite 340-1200 West 73rd Ave, Vancouver, B.C.,
Canada V6P 6G5
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