Focus Increases Private Placement to $1.5M
October 16, 2013 (Source: Marketwired) — Focus Ventures Ltd. (TSX VENTURE:FCV) is pleased to advise that its recently announced non-brokered private placement has been increased to $1.5 million and the Company will now issue up to 12.5 million units at $0.12 per unit, subject to stock exchange approval. Each unit will consist of one common share and one full warrant, each full warrant entitling the holder to purchase one additional common share of the Company at $0.20 for two years from closing. If the closing price of the Company’s shares exceeds $0.25 for a period of 10 consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice in writing to the holders, and in such case, the warrants will expire on the 30th day after the date on which such notice is given.
A finder’s fee may be paid on a portion of the placement. The finder’s fee will consist of 7 per cent cash or units and 7 per cent warrants, each such warrant entitling the finder to purchase one common share of the company at a price of $0.16 for two years. The finder’s fee warrants are subject to the same exercise acceleration clause as the financing warrants.
The proceeds of the financing will be used for exploration of the Company’s phosphate projects in Peru and Colombia, and for general working capital purposes.
The Bayovar 12 mining concession is close to the operating Bayovar phosphate mine, owned by Vale, Mosaic and Mitsui. Focus believes the Bayovar 12 property shows potential to host a large sedimentary phosphate deposit and is planning a systematic grid-based drill program which will commence as soon as exploration permits are received from the authorities.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus’s President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a “Qualified Person” in accordance with NI 43-101.
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About Focus Ventures
Phosphate rock is a raw material for fertilizers and vital to world food production. Focus is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the growing demand and limited local supply of phosphate for fertilizer production. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Shares Issued: 40.1-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contains forward-looking information that involves inherent risk and uncertainty affecting the business of Focus Ventures Ltd. Actual results may differ materially from those currently anticipated in such statement.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>