Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

October 25, 2007 16:28 ET

Full Metal Minerals Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2007) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) announces that it has closed its private placement announced October 12, 2007 for aggregate gross proceeds of $18.5 million. Under the brokered portion of the private placement, the Company issued 6,000,000 units at $2.50 per unit. Under the non-brokered portion, the Company issued 1,400,000 units at $2.50 per unit. Each unit in the private placement is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $3.00 until October 25, 2009.

The brokered private placement was led by Canaccord Capital Corporation and included Raymond James Ltd. as underwriters. The underwriters were paid an aggregate cash commission of $1,125,000 and underwriters' warrants exercisable for an aggregate of 600,000 common shares of the Company until October 25, 2009 at an exercise price of $2.50 per share.

All of the shares, warrants and any shares issuable upon exercise of the warrants are subject to a hold period and may not be traded until February 26, 2008 except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The Company intends to use the proceeds of the private placement for the Company's exploration properties and for general working capital purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information