VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - David De Witt ("Mr. De Witt") announces that he has acquired an aggregate of 1,000,000 common shares (the "Shares") of Bluefire Mining Corp. ("Bluefire") pursuant to the closing of Bluefire's initial public offering ("IPO"). The Shares were acquired at a purchase price of C$0.15 representing an aggregate purchase price of C$150,000.
Following the completion of the IPO and as a result of a previous transaction, Mr. De Witt controls 4,750,001 common shares of Bluefire representing 43.4% of the issued and outstanding common shares of Bluefire. Assuming the exercise of warrants, Mr. De Witt will have control over 6,900,001 common shares of Bluefire representing 52.7% of the issued and outstanding common shares of Bluefire.
The common shares of Bluefire were acquired by Mr. De Witt for investment purposes. Depending on market conditions and other factors that Mr. De Witt may deem material to his investment decisions, additional shares may be purchased in the open market or in private transactions. Depending on these same factors, shares currently owned (or hereafter acquired) by Mr. De Witt may be sold in the open market or in private transactions.
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