EDMONTON, ALBERTA, Mar 20, 2007 - Firestone Ventures Inc. (TSX VENTURE:FV)(<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />FRANKFURT:F5V) ("Firestone") is pleased to announce the closing of a non-brokered private placement of 4,000,000 common shares at $0.50 per share to a single arm's length subscriber for gross proceeds of $2,000,000. As a result of the financing, Anglo Pacific Group PLC increased its share ownership and currently holds 9,111,500 common shares in Firestone, equivalent to 16.76% of the issued and outstanding shares. Anglo Pacific also holds a total of 2,200,000 share purchase warrants of Firestone, which it subscribed for in connection with previous private placements. The Firestone shares are held by Anglo Pacific for investment purposes, and will be reviewed by Anglo Pacific's management on a regular basis. Please refer to the Early Warning Report filed on Firestone's SEDAR profile www.sedar.com for further information. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The securities issued are subject to a four month hold period. The funds will be used for exploration on existing Canadian and international properties and for general corporate purposes.
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
SOURCE: Firestone Ventures Inc.
Firestone Ventures Inc.
Lori Walton, P. Geol.
President
Toll Free:
1-888-221-5588
(780) 428-3476 (FAX)
Email: info@firestoneventures.com
Website: www.firestoneventures.com
