Trading Symbol: FTR-TSX:V
VANCOUVER, July 19, 2013 /CNW/ - Firesteel Resources Inc. ("Firesteel" or the "Company") (TSX-V:FTR) is pleased to announce its agreements with directors and an officer to issue 1,174,000 common shares of the Company ("Common Shares") and an agreement with a consultant to issue 10,000 shares, both at a price of $0.08 per Common Share in payment for consulting services rendered to the Corporation.
In addition Firesteel also announced that an agreement had been reached to settle in full a dispute over services contracted from Ken Worthing Contracting on the following terms: $25,000 in cash and $250,000 in Firesteel shares, valued according to the weighted average volume trading price of the common shares on the TSX Venture Exchange for the five days preceding the execution of the agreement.
Firesteel also announces that the Board of Directors has, subject to TSX Venture Exchange acceptance, granted options to purchase 2,150,000 common shares of the Corporation to its directors. The options were issued at an exercise price of $0.10 per share for a five year term. The Corporation had, immediately prior to this grant, 1,235,000 outstanding stock options.
This proposed issuance of Common Shares in payment for services rendered is subject to the approval of the TSX Venture Exchange. Common Shares issued in connection with these payments will be subject to a four month hold period.
Firesteel is a junior mineral exploration company focused on the exploration and development of quality precious and base metal prospects in the resource rich Stikine Arch area of British Columbia and in the NWT and Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
Michael Hepworth
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company's future performance.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements for the Significant Matters to reflect subsequent information, events, results or circumstances or otherwise.
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SOURCE Firesteel Resources Inc.
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