VANCOUVER, BC--(Marketwired - January 27, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
First Point Minerals Corp. (TSX VENTURE: FPX) ("First Point" or the "Company") is pleased to report that it has closed its previously announced non-brokered private placement for gross proceeds of $390,000 (the "Offering"). The Company expanded the originally announced private placement from 3,200,000 shares to 3,900,000 shares for gross proceeds of $390,000 (see First Point's news release dated January 17, 2017).
The closing follows receipt of Conditional Acceptance of the Offering from the TSX Venture Exchange ("Exchange"). Within the next several days, First Point will be submitting the documentation needed to enable the Exchange to issue its Final Acceptance of the Offering. The Company anticipates receiving Final Acceptance shortly thereafter.
In closing the financing, the Company has issued 3,900,000 shares priced at $0.10 per share. Finder's fees of $1,500 were paid on a portion of the proceeds. Two insiders of the Company subscribed for an aggregate of 3,200,000 shares for gross proceeds of $320,000.
All securities issued under this Offering are subject to a hold period of four months and a day from the closing date. The proceeds raised from the Offering will be used by First Point for the advancement of the Company's flagship Decar nickel project, and for general working capital purposes.
About First Point
First Point Minerals Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at www.firstpointminerals.com or contact Martin Turenne, President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Martin Turenne, President and CEO
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.