Company plans to use proceeds for exploration, general working capital
By Devika Patel
Knoxville, Tenn., Nov. 13 – Focus Ventures Ltd. said it settled a C$2.33 million non-brokered private placement of units. The oversubscribed deal priced for C$2 million on Oct. 19.
The company sold 18,672,000 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 three years and at C$0.20 in the 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.
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Issue: | Units of one common share and one warrant
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Amount: | C$2,334,000
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Units: | 18,672,000
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Price: | C$0.125
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | C$0.15 in the first three years; C$0.20 in the fourth and fifth years
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Agent: | Non-brokered
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Pricing date: | Oct. 19
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Pricing date: | Nov. 13
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Stock symbol: | TSX Venture: FCV
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Stock price: | C$0.14 at close Oct. 16
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Market capitalization: | C$11.26 million
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