Proceeds used for prepayment of $1.5 million loan with Sprott Resource
By Devika Patel
Knoxville, Tenn., May 8 – Focus Ventures Ltd. said it increased its non-brokered private placement of units to C$4 million from C$3 million. The deal priced on April 9.
The company will now sell 20 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 for 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$4 million
|
| Units: | 20 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.265
|
| Agent: | Non-brokered
|
| Pricing date: | April 9
|
| Upsized: | May 8
|
| Stock symbol: | TSX Venture: FCV
|
| Stock price: | C$0.26 at close April 8
|
| Market capitalization: | C$15.37 million
|
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