Proceeds slated for exploration, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 16 - Focus Ventures Ltd. said it increased its non-brokered private placement of units to C$1.5 million from C$1.2 million. The deal priced on Oct. 2.
The company will now sell 12.5 million units of one common share and a warrant at C$0.12 per unit. Each whole warrant is now exercisable at C$0.20 for two years. The strike price is a 42.86% premium to the Oct. 1 closing share price of C$0.14.
The units previously had half-share warrants, which were exercisable at C$0.18 for two years.
Proceeds will be used for exploration of the company's phosphate projects in Peru and Colombia and general working capital purposes.
Focus Ventures is a gold explorer based in Vancouver, B.C.
| Issuer: | Focus Ventures Ltd.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1.5 million
|
| Units: | 12.5 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 2
|
| Upsized: | Oct. 16
|
| Stock symbol: | TSX Venture: FCV
|
| Stock price: | C$0.14 at close Oct. 1
|
| Market capitalization: | C$5.21 million
|
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