Firestone Ventures Inc.

Firestone Ventures Inc.

February 08, 2010 08:00 ET

Firestone Ventures Seeks Approval to Accelerate Warrant Exercise

EDMONTON, ALBERTA--(Marketwire - Feb. 8, 2010) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) ("Firestone" or the "Company") is pleased to announce that it is making an application to the TSX Venture Exchange (the "Exchange") for approval of an incentive program to encourage the early exercise of warrants issued in June 2009 (the "June 2009 Warrants"). This incentive offer is applicable to 13,500,000 Warrants, which can be exercised at a price of $0.15 per share for aggregate gross proceeds of $2,025,000. The proceeds from the early exercise of the June 2009 Warrants will be used to fund exploration expenditures and for general working capital purposes.

Early Warrant Exercise

The June 2009 Warrants were issued as part of a private placement completed on June 19, 2009 and expire on June 19, 2011. In order to encourage the early exercise of the June 2009 Warrants, the Company is seeking Exchange approval to amend the terms of the June 2009 Warrants such that each warrantholder who exercises its June 2009 Warrants shall receive one unit (in lieu of one common share) consisting of one common share and one-half of one warrant (each whole warrant, a "2010 Warrant"). Each 2010 Warrant shall allow the holder to acquire one common share of the capital of the Company at an exercise price of $0.20 for a period of 12 months following the date of the issuance of the units. The incentive program is subject to the approval of the Exchange. Provided approval has been received, Firestone expects to give notice to the holders of the June 2009 Warrants providing for exercise within a 10-trading day period thereafter (the "Exercise Deadline"). The 2010 Warrants will be subject to a four-month hold period. If a holder of the June 2009 Warrants does not exercise the amended June 2009 Warrants by the Exercise Deadline, the amended June 2009 Warrants shall continue to be exercisable for common shares of the Company on their original terms.

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at The Company disclaims any intention or obligation to revise or update such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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