12/21/00 - Letter of Intent with Sea Emerald Development Corporation
STARFIRE MINERALS INC ("SFR-V") - Letter of Intent with Sea Emerald Development Corporation
Michael Caron, President and Director of Starfire Minerals Inc., reports:
The Company is pleased to announce that it has executed a letter of intent with Sea Emerald Development Corporation ("Sea Emerald") to acquire the Langmuir #1 and Langmuir #2 mineral properties located approximately 12 km southeast of Timmins, Ontario in consideration for which the Company will pay to Sea Emerald $60,000 cash over three years, issue 750,000 common shares and pay a 3% NSR with a 2% buy-back at $2,000,000. In addition, upon completion of a feasibility study that is acceptable to the Exchange, the Company will issue an additional 500,000 common shares to Sea Emerald.
Completion of this transaction is subject to Exchange approval.
The Company would also like to announce that on December 21, 2000, a director and a shareholder of the Company intend to sell a total of 1,000,000 common shares @$0.10/share to raise $100,000, all of which will be re-invested in the Company by the director exercising 194,000 options and the shareholder exercising outstanding warrants. TEL: (604) 623-3101
Starfire Minerals Inc. FAX: (604) 623-3109 |
