For 9:00 AM Release Focus Metals Announces the Closing of a $750,000 Private Placement
May 14, 2010 For 9:00 AM Release
Focus Metals Announces the Closing of a $750,000 Private Placement
OTTAWA, ONTARIO – Focus Metals Inc. (“Focus Metals” or “Corporation”) announces the closing in trust, on May 13, 2010, of a non-brokered private placement (the “Placement”) for gross proceeds of $750,000. The Placement consists of the issuance of 7,500,000 units at a price of $0.10 per unit (the “Unit”). Each Unit is comprised of one common share and one-half of a warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.15 for a period of twenty-four months following the closing date. The Corporation is pleased to bring new shareholders like the Fonds de solidarité des travailleurs du Québec (“FTQ”), the Fonds régional de solidarité FTQ Nord-du-Québec, SIDEX and SODEMEX. The securities issued in connection with the Placement are subject to a four month hold period expiring on September 14th, 2010. The proceeds from the Placement will be used to advance the Corporation’s exploration activities in Quebec. The Placement is subject to the final approval of the TSX Venture Exchange (the “Exchange”).
All closing documents are presently being held in trust pending the completion of the Corporation’s listing application with the Exchange. As previously announced (see press release of May 12, 2010), the Corporation expects to file with the Exchange, before the end of the week, the final documentation requested in the Exchange’s conditional approval letter and, pending review and acceptance by the Exchange of such documentation, the Corporation anticipates trading on its securities to commence next week on a day to be determined by the Exchange, under the trading symbol “FMS“. All closing documents will be released upon the issuance by the Exchange of its final listing bulletin.
The Corporation’s President, Marco Gagnon states: “I personally thank our new shareholders for their support and trust in creating this new base metals and industrial minerals exploration company. We are very excited about the Corporation’s prospects as we will increase our property portfolio and advance its development.”
About the Solidarity Fund QFL
The Solidarity Fund QFL helps drive our economy. With net assets of $7.0 billion as at November 30, 2009, the Fund is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 2,000 companies. It currently has nearly 571,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect nearly 143,000 jobs. For more information, visit www.fondsftq.com.
Profile Focus Metals Inc. is a growing junior mining exploration company focused on acquiring and developing base metals and industrial minerals prospects in Quebec. The Corporation is led by a determined management and technical team with extensive exploration and mine production experience.
For more information, please contact:
Marco Gagnon President and Chief Executive Officer 450-743-5527