Company plans to use proceeds for exploration, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 19 – Focus Ventures Ltd. said it negotiated a C$2 million non-brokered private placement of units.
The company will sell 16 million units of one common share and one warrant at C$0.125 per unit. Each five-year warrant is exercisable at C$0.15 in the first and second years and at C$0.20 in the third, fourth and fifth years. The strike prices are 7.14% and 42.86% premiums, respectively, to the Oct. 16 closing share price of C$0.14.
Proceeds will be used for exploration of the company's 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 16 million
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.15 in the first and second years; C$0.20 in the third, fourth and fifth years
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 19
|
| Stock symbol: | TSX Venture: FCV
|
| Stock price: | C$0.14 at close Oct. 16
|
| Market capitalization: | C$10.38 million
|
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