First Point Minerals Corp.
TSX VENTURE : FPX

First Point Minerals Corp.

December 02, 2009 13:06 ET

First Point Announces Revisions to the Terms of the Private Placement of First Point Shares to Cliffs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2009) -

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Peter Bradshaw, Ph. D., P. Eng., President & CEO of First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company"), has been advised by the TSX Venture Exchange (the "Exchange") that the pricing and size of the proposed private placement of First Point common shares to Cliffs Natural Resources Exploration Inc. ("Cliffs"), a wholly-owned subsidiary of international mining company Cliffs Natural Resources Inc., (see Press Release dated November 13, 2009) must be revised to conform with the Exchange's policies in respect to pricing and change of control matters.

First Point and Cliffs have agreed to reprice the private placement to $0.0975 per common share, and to restrict the offering to 15% (being 10,198,808 shares) of the Company's issued and outstanding common shares after giving effect to the private placement. The terms of the option agreement have been revised to provide that Cliffs can earn an initial 51% interest in a joint venture on the Decar property by spending US$4.5 million on the property in four years, of which US$1 million is a firm commitment in year one. First Point will manage the initial exploration activities.

The revised private placement, which is subject to acceptance by regulatory authorities, is expected to close on or before December 9, 2009.

First Point Minerals Corp. is a Canadian base and precious metal exploration company focused on the Americas. For more information, please view the Company's website at www.firstpointminerals.com.

FIRST POINT MINERALS CORP.

"Peter M.D. Bradshaw"
Peter M.D. Bradshaw, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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