Exhibit99.1
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Starfield Resources Announces $3 Million Financing
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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
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TORONTO, Dec. 3 /CNW/ - Starfield Resources Inc. (TSX: SRU/OTCBB: SRFDF)
("Starfield", "the Company") is pleased to announce a best efforts private
placement offering of up to 28,571,428 "flow-through" common shares (the
"Flow-Through Shares") of Starfield at a price of $0.105 per Flow-Through
Share for aggregate gross proceeds of up to $3 million. The Flow-Through
Shares will be offered by way of private placement to accredited investors in
each of the provinces of Canada. The Flow-Through Shares will be subject to a
hold period of four months plus one day extending from the closing date of the
offering.
The Company intends to use the net proceeds from the private placement
for exploration activities that will constitute Canadian exploration expenses
for Canadian income tax purposes and will be eligible for the federal
investment tax credit of 15%.
Thomas Weisel Partners Canada Inc. will act as the lead agent for a
syndicate of agents and will offer the Flow-Through Shares on a best efforts
basis.
The private placement is expected to close on or about December 22, 2009
and is subject to certain conditions typical for a transaction of this nature
and the receipt of all necessary regulatory approvals including the approval
of the Toronto Stock Exchange.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Flow-Through Shares in the United
States. The Flow-Through Shares have not been and will not be registered under
the U.S. Securities Act or any state securities laws, and may not be offered
or sold in the United States without registration under the U.S. Securities
Act and all applicable state securities laws, or an exemption therefrom. Any
public offering of the Flow-Through Shares to be made in the United States
will be made by means of a prospectus that may be obtained from Starfield or a
selling security holder and that will contain detailed information about the
Company and management, as well as financial statements. No public offering of
the Flow-Through Shares will be made in the United States in connection with
the above-mentioned transaction.
About Starfield
Starfield Resources Inc. is an advanced exploration and development stage
company. The Company's primary asset is its Ferguson Lake
nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada.
Additional assets include a nickel-copper-cobalt-PGE-chrome project in the
Stillwater district of Montana with historic copper, nickel, chromite
resources (non 43-101 and not to be relied on); the Moonlight copper project
in California with significant NI 43-101 copper resources; and a portfolio of
eight gold properties in Nevada.
Starfield has also funded the development of a novel, environmentally
friendly and energy efficient hydrometallurgical flow sheet to recover metals
from massive sulphides.
Forward-Looking Statements
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors include the
inherent risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling results and
other geological data, fluctuating metal prices and other factors described
above and in the Company's most recent annual information form under the
heading "Risk Factors" which has been filed electronically by means of the
Canadian Securities Administrators' website located at www.sedar.com. The
Company disclaims any obligation to update or revise any forward-looking
statements if circumstances or management's estimates or opinions should
change. The reader is cautioned not to place undue reliance on forward-looking
statements.
Starfield Resources Inc. investors may also participate in the Company's
online community at http://www.agoracom.com/ir/Starfield.
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www.starfieldres.com
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%SEDAR: 00009374E %CIK: 0001074795
/For further information: Andre J. Douchane, President and CEO, (416)
860-0400 ext. 222, adouchane(at)starfieldres.com; Greg Van Staveren, Chief
Financial Officer, (416) 860-0400 ext. 223, gvanstaveren(at)starfieldres.com;
Connie Anderson, Investor Relations, (416) 860-0400 ext. 228,
canderson(at)starfieldres.com/
(SRU. SRFDF)
CO: Starfield Resources Inc.
CNW 17:20e 03-DEC-09
