First Point Minerals Closes Over-Subscribed Private Placement for $630,000

VANCOUVER, BC--(Marketwired - May 03, 2016) -  

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Point Minerals Corp. (TSX: 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 $630,000 (the "Offering"). The Company expanded the originally announced private placement from 11,400,000 shares to 12,600,000 shares for gross proceeds of $630,000 (see First Point's news release dated April 20, 2016).

In closing the financing, the Company has issued 12,600,000 shares priced at $0.05 per share. Finder's fees of $14,100 were paid on a portion of the proceeds. Five insiders of the Company subscribed for an aggregate of 5,700,000 shares for gross proceeds of $285,000.

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 the Company 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"
Martin Turenne, President and CEO

Forward-Looking Statements
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 Toronto Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.