Fire River Announces New CEO and Private Placement Financing
17 Julho 2012 - 9:44PM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
U.S. WIRE SERVICES/ VANCOUVER, July 19, 2012 /CNW/ - Fire River
Gold Corp. (the "Company") , (OTCQX: FVGCF), is pleased to announce
the appointment of Blane Wilson as President, Chief Executive
Officer and Director. R. David Russell, the interim President and
Chief Executive Officer of the Company, shall return to his
previous position as Non-Executive Chairman. Mr. Wilson brings
extensive experience to his new position, having worked in the
mining industry for the past 25 years. His expertise includes
mining, metal processing and recovery, project management,
permitting with Federal and State agencies, exploration, and
construction. Prior to his position with Fire River Gold, Mr.
Wilson held various senior positions with Klondex Mines Ltd.,
Freeport McMoRan, Minorco, Anglo Gold North American, Queenstake
Resources, Yukon Nevada Gold Corporation and Golden Eagle
International. He previously spent 19 years at the Jerritt
Canyon mine north of Elko, Nevada. Since 1981, the Jerritt
Canyon mine has produced over 8 million troy ounces of gold. R.
David Russell, the Company's Non-Executive Chairman reports, "The
Board takes great pleasure in Blane's appointment. With his
background in mining, metal processing and recovery, he is uniquely
suited to his new role at Fire River and we look forward to his
valuable contribution to the Company's Nixon Fork mine." The
Company is also pleased to announce that it has entered into an
agreement with BayFront Capital Partners Ltd. ("BayFront") to act
as agent in connection with a best efforts private placement
financing (the "Private Placement") of units (the "Units") of the
Company at a price to be determined in the context of the market
for gross proceeds of up to $10,000,000. Each Unit shall be
comprised of one common share (a "Common Share") and one common
share purchase warrant (a "Purchase Warrant"). The Company has been
advised by Sprott Asset Management LP, on behalf of certain of its
funds, and by Waterton Global Value that each propose to subscribe
for such number of Units as would result in them holding 19.9% of
the issued and outstanding securities of the Company following the
closing of the Private Placement. The proceeds of the Private
Placement will be used for the further development of the Company's
Nixon Fork mine and for general working capital. All of the Common
Shares and Purchase Warrants issued pursuant to the Private
Placement are subject to a four-month hold period. Completion of
the Private Placement is subject to TSX Venture Exchange approval.
On behalf of the Board of Directors, "R. David Russell" Director
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:
www.firerivergold.com
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