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Re: News Release - Friday, June 27, 2008
Firestone Ventures Inc. and Northern Tiger Resources Inc. -
Completion of Plan of Arrangement, Private Placement and
Transaction with Sherwood Copper's Minto Explorations Ltd.
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June 27, 2008 - Firestone Ventures Inc. ("Firestone") (FV:TSX-V;
F5V:FSE) and Northern Tiger Resources Inc. ("Northern Tiger")
(NTR:TSX-V) are pleased to announce that the plan of arrangement (the
"Arrangement") has been completed, and Northern Tiger has closed its
private placement and completed its acquisition agreement with Sherwood
Copper Corporation's wholly owned subsidiary Minto Explorations Ltd.
("MintoEx") as announced on June 23, 2008 and before.
All necessary documents have been filed with the Alberta Registrar of
Corporations in order to complete the Arrangement and all necessary
steps have been taken to ensure that each Firestone shareholder will
receive one (1) common share in Northern Tiger ("Northern Tiger
Shares") for every five (5) common shares held in Firestone ("Firestone
Shares").
Northern Tiger is also pleased to announce that it has closed its
non-brokered private placement ("Private Placement") of flow-through
common shares ("Flow-Through Common Shares") and units consisting of
one (1) Northern Tiger Share and one-half (1/2) of one (1)
non-transferrable purchase warrant entitling the holder to purchase an
additional Northern Tiger Share at $0.45 for a period of twenty-four
(24) months from the date of issuance ("Units").
Under the Private Placement, 5,300,915 Flow-Through Common Shares and
1,717,686 Units were issued for gross proceeds of $2,264,608. Of the
total, $650,000 was raised through the sale of 1,969,696 Flow-Through
Common Shares to MineralFields Group. In completing the private
placement, Northern Tiger has paid finders' fees totaling $65,000
dollars. It is anticipated that Northern Tiger will use the proceeds to
advance the mineral properties acquired from Firestone and MintoEx,
identify and evaluate other targets in the Dawson Range, and for
general corporate purposes.
As a result of the closing of the Arrangement and the Private
Placement, the TSX Venture Exchange (the "Exchange") has confirmed that
the Northern Tiger Shares will be listed and commence trading on the
Exchange under the symbol NTR on June 30, 2008.
Northern Tiger further announces that the closing of the previously
announced transaction with MintoEx. As part of the transaction,
MintoEx transferred to Northern Tiger a one hundred (100%) percent
interest in five Dawson Range exploration properties and an extensive
historical exploration database for the region. The five properties
encompass exploration targets where previous prospecting encountered
copper-gold mineralization similar to that hosting MintoEx's nearby
Minto mine. In addition, Northern Tiger and MintoEx have entered into
a Regional Exploration Alliance Agreement ("REAA"), which provides for
input and cooperation on planning and executing exploration programs
and long term strategies for the area, sharing of proprietary technical
expertise to assist in exploration and project advancement, and access
to MintoEx's infrastructure to facilitate area exploration.
As consideration for the transfer of the exploration properties,
historical database and the support provided to Northern Tiger through
the REAA, Northern Tiger has issued to MintoEx 4,343,878 Northern Tiger
Shares at a deemed price of $0.30 per share, such shares to be held in
escrow pursuant to a TSX Venture Exchange Form 5D Value Security Escrow
Agreement.
For additional information, shareholders are referred to Firestone's
website at www.firestoneventures.com.
Firestone Ventures Inc. is a well-financed Canadian-based resource
exploration and development company focused on its high grade
zinc-lead-silver project in Guatemala. Firestone Shares are currently
listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock
Exchange (symbol F5V).
Northern Tiger Resources Inc. is a well-financed Canadian-based
resource exploration and development company focused on the rapidly
developing Dawson Range in the Central Yukon. Northern Tiger Shares are
expected to be listed on the TSX Venture Exchange (symbol NTR) on June
30, 2008.
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration
that offers its tax-advantaged flow-through limited partnerships to
investors throughout Canada during most of the calendar year, as well
as hard-dollar resource limited partnerships to investors throughout
the world. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds.
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities(r), a division of
Limited Market Dealer Inc., is active in resources financings (both
flow-through and hard dollar PIPE financings) on competitive, effective
and service-friendly terms, with investors both within, and outside of
MineralFields Group.
MintoEx operates the Minto copper-gold mine and is a wholly owned
subsidiary of Sherwood Copper Corp. (symbol SWC), a TSX-V listed mining
company.
For further information please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
info@firestoneventures.com
www.firestoneventures.com
Trading Symbol: FV: TSX-V; F5V: FSE
For Investor Relations please call:
Contact Financial Inc. at (604) 689-7422.
Investors can also visit www.agoracom.com/IR/Firestone or email
questions to FV@agoracom.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2008 FIRESTONE VENTURES INC. (FV) All rights reserved.
For more information visit our website at
http://www.firestoneventures.com/ or send
mailto:returns@firestoneventures.com
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