Minero Mining International Ltd.

November 07, 2012 15:35 ET

Minero Mining International Ltd. Acquires Position in Firestone Ventures Inc.

CAPE TOWN, SOUTH AFRICA--(Marketwire - Nov. 7, 2012) - Minéro Mining International Ltd. ("Minéro") issues this press release pursuant to Part 3 - Early Warning Requirements of National Instrument 62-103 with respect to Firestone Ventures Inc. ("Firestone").

On November 2, 2012 Minéro acquired by the way of a private placement 3,500,000 common shares at a price of $0.05 per common share and 3,500,000 share purchase warrants. Each warrant entitles Minéro to purchase one common share at $0.10 per common share. The warrants expire on November 2, 2013.

The common shares acquired by Minéro represent approximately 9.6% of the issued and outstanding common shares of Firestone upon closing of the private placement. Prior to this transaction, Minéro did not own any common shares in Firestone.

If Minéro was to exercise all of the warrants, Minéro would own 7,000,000 common shares, or approximately 14.67% of the issued and outstanding common shares of Firestone, calculated on a fully diluted basis.

These securities were acquired for investment purposes only. Depending on economic or market conditions or matters relating to Firestone, Minéro may choose to either acquire additional securities or dispose of securities of Firestone.

Contact Information

  • Minero Mining International Ltd.
    Kevin Van Vouw
    Chief Executive
    +27(0) 79 597 8354