News
Release
First Narrows Completes Private
Placement
Total gross proceeds raised of
$795,000
Vancouver, BC – February 26, 2008
– First Narrows Resources Corp. (TSX-V: UNO) (”First
Narrows” or the “Company”) is pleased to announce that it
has completed the non-brokered private placement (the “Offering”)
announced February 22, 2008. The Company raised gross proceeds of $795,000 and
placed an aggregate 3,180,000 common share units (the “Units”).
The Units consist of one common share and one-half of one common share purchase
warrant, with each full warrant exercisable at a price of $0.40 for a period of
two years following the close of the Offering.
Proceeds arising
from the sale of the Units will be used to fund the Company’s ongoing
exploration programs in the State of Sonora, Mexico and the Province of New
Brunswick, Canada, and for general corporate purposes.
The
Company paid cash commissions of $40,000 and a total of 80,000 Units to
arm’s length parties in connection with the completion of the Offering.
The offering is
subject to TSX Venture Exchange approval. All securities issued in connection
with this offering will be subject to a four-month hold period in accordance
with securities regulation.
About First Narrows Resources Corp.:
First Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral exploration company whose corporate strategy is to
develop overlooked and undervalued mineral properties that offer near term
production potential. The Company has active projects in the Province
of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced
project is the 100%-owned Chester copper-polymetallic deposit in New
Brunswick’s Bathurst Mining Camp, which is rapidly moving forward to NI
43-101 mineral resource estimate and conceptual mine design status. For more information visit: www.uno.ca
For Corporate,
Media, or Investor Communications contact:
Greg Lytle, Communications Manager
First Narrows Resources Corp.
Toll-free: (866) 285-5817
Int’l. & Vancouver: (604)
839-6946
Email:glytle@uno.ca
ON BEHALF OF THE BOARD OF DIRECTORS
“Peter K. Gummer”
Peter K. Gummer,
President
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the contents herein. We seek safe harbor.