VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 17, 2012) - Bluefire Mining Corp. (TSX VENTURE:BFM) ("Bluefire" or the "Company"), is pleased to announce that it has completed its Initial Public Offering ("IPO") of 3,333,334 common shares at a price of $0.15 per share, for total gross proceeds to the Company of $500,000. As a result of this issuance, the Company has 10,933,335 common shares issued and outstanding, of which 4,150,001 are subject to escrow restrictions.
The TSX Venture Exchange (the "TSX-V") has accepted the Company''s listing application, and the Company''s common shares will commence trading on the TSX-V at the opening on October 19, 2012 under the symbol "BFM".
Canaccord Genuity Corp. ("Canaccord") acted as agent in respect of the IPO. The Company issued an agent''s option to Canaccord entitling Canaccord to acquire an aggregate of 200,000 common shares of the Company for a period of two years from the date that the common shares are listed on the TSX Venture Exchange, at a price of $0.15 per common share. Canaccord also received a cash commission equal to 6% of the gross proceeds of the IPO and a corporate finance fee.
The Company has issued 100,000 common shares (the "Eagle Plains Shares") to Eagle Plains Resources Ltd. ("Eagle Plains") pursuant to a property option agreement dated May 9, 2011 between the Company and Eagle Plains.
On behalf of the Company,
C. Warren Beil, Corporate Secretary
Caution Regarding Forward-looking Information
Information in this news release respecting the use of funds and whether the Company will be listed on the TSX Venture Exchange constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company''s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. The listing of the Company on the TSX Venture Exchange and the use of proceeds of the IPO are subject to certain conditions which include extern al factors which are not within the Company''s control. Forward-looking statements and information in connection with the Company''s listing are based on assumptions that the Company meets the TSX Venture Exchange''s requirements and is accepted by the TSX Venture Exchange for listing. Forward-looking statements and information in respect of the Company and its operations are based on the factors and assumptions described under "Risk Factors" in the Company''s Final Prospectus, dated September 26, 2012, which is available on SEDAR under the Company''s profile at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipate in such statements. Readers should not place undue reliance on forward-looking information.