Firebird issues 9.05 million shares to Pageland
2011-02-17 08:45 ET - News Release
Mr. Thomas Tough reports
FIREBIRD RESOURCES INC. EXERCISES OPTION ON SOUTH CAROLINA GOLD PROJECT
Pursuant to Firebird Resources Inc.'s previously announced option agreement with Pageland Minerals Ltd. dated June 24, 2010, as amended, Firebird has completed the share issuance portion of its first option to acquire a 70-per-cent interest in certain mineral leases covering the Buzzard-Jefferson-Belk properties located in South Carolina. Pursuant to the partial exercise, Firebird issued to Pageland 9,056,603 common shares at an issue price of 53 cents per issued share, representing approximately 19 per cent of the outstanding shares of Firebird.
"Firebird has focused primarily on the acquisition of key tracts of land along the Haile/Brewer gold trend in South Carolina and we are pleased to move forward with our acquisition of Pageland's Carolina slate belt properties," said Thomas R. Tough, president of Firebird Resources. Romarco's recent success at the Haile mine has underscored the fact that the area has not been extensively explored compared to other major gold belts and represents a significant opportunity to us."
In accordance with the terms of the option agreement, the shares issued to Pageland will be held in escrow until such time as Firebird exercises the first option in full by making cash payments to Pageland totalling $700,000 in the times specified in the option agreement and incurring expenditures on or in respect of the property totalling $495,000 on or before July 31, 2011. Pursuant to the terms of escrow, Pageland is prohibited from dealing with the shares in any manner, including the exercise of any voting and dividend rights attached thereto, during the period of escrow.
The shares are subject to a four-month hold period in accordance with applicable securities law and the rules and policies of the TSX Venture Exchange
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