Exhibit 99.1
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Starfield Resources Announces $2.1 Million Financing
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S./
TORONTO, May 26, 2010 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB:
SRFDF) ("Starfield", "the Company") is pleased to announce a best-efforts
private placement offering of up to 25,100,000 units (the "Units") of
Starfield at a price of $0.085 per Unit for aggregate gross proceeds of up to
$2.1 million.
The Units will be offered by way of private placement to accredited
investors in each of the provinces of Canada. Each unit will consist of one
flow-through share (the "Flow-Through Shares") and one half of one common
share purchase warrant (the "Warrants"). Each whole Warrant will entitle the
holder to purchase one additional common share of Starfield at a price of
$0.15 for 12 months from the closing date. The Flow-Through Shares and
Warrants 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 sole agent and will
offer the Units on a best-efforts basis.
The private placement is expected to close on or about June 8, 2010. It
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 Units in the United States. The
Units 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
Units 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 Units 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.
www.starfieldres.com
%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 09:21e 26-MAY-10
