Focus Receives $971,000 from Exercise of Warrants
August 5, 2014 (Source: Marketwired) — Focus Ventures Ltd. (TSX VENTURE:FCV) (“Focus”) is pleased to announce that it has received proceeds of $971,273 during July from the exercise of warrants. This is in addition to the $2.38-million received from the exercise of warrants, announced on June 24th, 2014. Insiders of Focus contributed approximately 16% ($541,739) of the total cash received from the two combined warrant tranches, and now hold 12% of the issued shares of Focus, or 15% on a fully diluted basis.
Management wishes to thank all those who exercised warrants over the last few months, demonstrating their confidence in Focus’s strategic plan to advance the Bayovar 12 phosphate project in northern Peru.
The funds received will be allocated to:
- making the option payment of $750,000 for the Bayovar 12 project due in late August
- completion of permitting of the planned second stage drilling at Bayovar 12, and initiation of diamond drilling when permits are received
- completion of the maiden resource estimate for the project during August 2014
- initiation of metallurgical testwork
The revised share structure, reflecting the recent warrant exercises, is available on Focus’s website at: http://www.focusventuresltd.com/s/ShareStructure.asp?ReportID=665451&_Type=Share-Structure&_Title=Share-Structure
The scientific and technical information in this release were prepared under the supervision of 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 National Instrument 43-101.
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Phosphate rock is a key raw material for fertilizers and vital for sustaining world food production. The discovery and development of new phosphate deposits in Latin America is becoming increasingly important given the consistent growth in demand for phosphate for fertilizer production. To meet this demand, Focus is acquiring and developing quality phosphate projects, primarily in Peru. For further information, please call 604-630-5544 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
Ralph Rushton, Director & Vice-President, Corporate Development
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release may include certain “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration and development results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the documents filed by the Company from time to time on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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