Clifton Star Resources Inc.
TSX VENTURE : CFO

Clifton Star Resources Inc.

October 02, 2007 09:01 ET

Amended News Release: Clifton Star Resources Inc. Announces Financing With First Canadian Securities®

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - Clifton Star Resources Inc. (TSX VENTURE:CFO) -

The news release of September 13, 2007 has been modified as follows:

Clifton Star Resources Inc. ("Clifton" or the "Company") is pleased to announce a non-brokered private placement of $1,000,000 through the sale of 408,161 flow through units (FT Units) (each unit consisting of one share and one warrant) at a price of $2.45 per Unit to the MineralFields Group. Each warrant will be exercisable for a period of twenty-four months from the closing of the private placement at a price of $2.60 per share.

The Company shall issue a cash finders fee of 5% of the gross proceeds received by the Company and a finder's option on the same terms as the warrants, equal to 10% of the number of units sold to investors to First Canadian Securities®, a division of Limited Market Dealer Inc.

Further, the company will carry out a further non-brokered private placement of $500,000 through the sale of 204,082 FT Units on the same terms as above to Canadian Dominion Resources 2007 Limited Partnership and CMP 2007 Resource Limited Partnership and $1,000,000 through the sale of 500,000 hard dollar Units (each unit consisting of one share and one warrant) at a price of $2.00 per Unit to Dynamic Precious Metals Fund. Each of these warrants will be exercisable for a period of twenty-four months from the closing the private placement at a price of $2.10 per share.

"This is an important milestone in the growth of Clifton Star Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in the Quebec region," said Nick Segounis, President and CEO.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super 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 product and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow through and hard dollar) on competitive, effective and service-friendly terms, with investors both within and outside of MineralFields Group.

CLIFTON STAR RESOURCES INC.

Nick Segounis, President

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Clifton Star Resources Inc.
    Nick Segounis
    President
    (905) 726-8585