Company offers two types of units at C$0.25, C$0.30 with two-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 17 - Focus Metals Inc. announced that it plans two non-brokered private placements of units. It will raise C$1.25 million in the first offering and C$2 million in the second.
In the first deal, the company will sell 5 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole warrant is exercisable at C$0.35 for two years. The strike price represents a 2.94% premium to the Dec. 16 closing share price of C$0.34.
In the second deal, the company will sell 6,666,667 units of one flow-through common share and one half-share warrant at C$0.30 per unit. Each whole warrant is exercisable at C$0.40 for two years. The strike price represents a 17.65% premium to the Dec. 16 closing share price.
Settlement is expected Dec. 20.
Proceeds will be used for exploration and general corporate expenses.
The emerging mid-tier junior mining exploration company is based in Ottawa.
| Issuer: | Focus Metals Inc.
|
| Issue: | Units one common share and one half-share warrant, one flow-through common share and one half-share warrant
|
| Amount: | C$3.25 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: FMS
|
| Stock price: | C$0.34 at close Dec. 16
|
| Market capitalization: | C$12.6 million
|
|
|
| Common shares
|
| Amount: | C$1.25 million
|
| Units: | 5 million
|
| Price: | C$0.25
|
| Warrant strike price: | C$0.35
|
|
|
| Flow-through common shares
|
| Amount: | C$2 million
|
| Units: | 6,666,667
|
| Price: | C$0.30
|
| Warrant strike price: | C$0.40
|
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