First Point Minerals Corp.

First Point Minerals Corp.

February 26, 2009 08:30 ET

First Point Minerals Arranges $250,000 Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Peter M.D. Bradshaw, P. Eng., President and Chief Executive Officer of First Point Minerals Corp. (TSX VENTURE:FPX) is pleased to announce that, subject to regulatory acceptance, First Point has arranged a non-brokered private placement financing to two arm's-length investors consisting of 2,500,000 units ("Units") at a price of $0.10 per Unit, for gross proceeds to the Company's treasury of $250,000. No commissions or finder's fees are payable in connection with this financing. Each Unit is comprised of one common share (a "Share") and one-half of one non-transferable share purchase warrant ("Warrant") of the Company. Each whole Warrant will entitle its holder to purchase one additional common share (a "Warrant Share") at an exercise price of $0.15 per share for a period of 24 months from closing of the transaction.

In accordance with securities regulations currently in effect, the Shares, Warrants and Warrant Shares will be subject to a "hold" period of four months and one day from closing.

The funds will be used, in part, to fund First Point's nickel alloy exploration program and related hydrometallurgical testing program at the University of British Columbia and for working capital. The proceeds from the exercise of the Warrants, if any, will provide general working capital.


Peter M.D. Bradshaw, President

The TSX Venture Exchange has not reviewed, nor accepts responsibility for the adequacy or accuracy of this news release.

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