Proceeds used for prepayment of $1.5 million loan with Sprott Resource
By Devika Patel
Knoxville, Tenn., April 9 – Focus Ventures Ltd. said it negotiated a C$3 million non-brokered private placement of units.
The company will sell 15 million units of one common share and a warrant at C$0.20 apiece. Each whole warrant is exercisable at C$0.265 for two years. The strike price is a 1.92% premium to the April 8 closing share price of C$0.26.
Proceeds will be used to make a $1.5 million prepayment on the company’s loan from Sprott Resource Lending Partnership, for exploration of the Bayovar 12 phosphate project in Peru and general working capital purposes.
Focus Ventures is a gold explorer based in Vancouver, B.C.
Issuer: | Focus Ventures Ltd.
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Issue: | Units of one common share and a warrant
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Amount: | C$3 million
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Units: | 15 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.265
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Agent: | Non-brokered
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Pricing date: | April 9
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Stock symbol: | TSX Venture: FCV
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Stock price: | C$0.26 at close April 8
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Market capitalization: | C$18.45 million
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