First Pursuit Ventures Ltd.
TSX VENTURE : FPV

February 10, 2010 15:00 ET

First Pursuit Announces $600,000 Financing and Change in Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

First Pursuit Ventures Ltd. (TSX VENTURE:FPV) (the "Company") announces a non-brokered private placement of up to 4,000,000 million units (the "Unit") at a price of $0.15 per Unit (collectively the "Financing"). Each Unit will consist of one common share of the Company, (the "Share") and one common share purchase warrant of the Company (the "Warrant"). Each Warrant will entitle its holder to subscribe for one Share at $0.20 per Share for a period of 24 months from completion of the Financing. The Shares, Warrants and any shares issued on exercise of the Warrants will bear a four-month restriction on resale from the completion date. The Financing is subject to regulatory approval.

The Company may pay finder's fees in cash, shares or share purchase warrants or any combination thereof.

Proceeds from the Financing will be used to fund the Company's working capital and for its general expenses.

This news release is not an offer of securities for sale in the United States nor in any other jurisdiction where they may not be lawfully offered or sold. The securities comprising this offering have not been, and will not be, registered under the Securities Act of 1933, (United States) as amended, and may not be offered or sold in the United States absent such registration or an exemption from registration.

The Company is also pleased to announce the appointment of Mr. Andrew Howlett as new director of the Company. The appointment follows the resignation of Mr. David Seers as director of the Company on February 10, 2010.

Mr. Howlett studied Economics at Bishop's University in Quebec and holds a Diploma in International Business from Langara College. Mr. Howlett is currently studying Business & Liberal Studies at Simon Fraser University in Vancouver. Prior to joining the Company, Mr. Howlett spent the previous 10 years working in both the Public and Private sectors in a variety of Human Resources and Labour Relations consulting roles. Mr. Howlett's professional experiences are well suited to the Company's culture and will be an asset on the Board.

Mr. Seers has resigned from the Company in order to pursue other business interests. The board of directors would like to thank Mr. Seers for his time with the Company.

ON BEHALF OF FIRST PURSUIT VENTURES LTD.

Terry Fields, President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • First Pursuit Ventures Ltd.
    Investor Relations
    604-682-2928
    604-685-6905 (FAX)