First Pursuit Ventures Ltd.
TSX VENTURE : FPV

February 01, 2011 19:17 ET

First Pursuit Closes $1,250,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2011) -

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

First Pursuit Ventures Ltd. (TSX VENTURE:FPV) (the "Company") is pleased to announce that it has closed its non-brokered private placement of 8,333,333 units (the "Unit") at a price of $0.15 per Unit (collectively the "Financing"). An aggregate of 8,333,333 common shares and 8,333,333 transferable common share purchase warrants ("Warrants") were issued in connection with the Private Placement. Each Warrant will entitle its holder to subscribe for one additional Share at $0.20 per Share for the first year and $0.25 for the remaining four (4) years from completion of the Financing. The 8,333,333 common shares and all warrant shares issued are subject to a four-month hold period expiring June 1, 2011. 

Finders fees paid include: an aggregate of $30,360 in cash and 253,000 in finders' warrants payable to a registered dealer, where each finders' warrant will entitle its holder to subscribe for one common share at $0.20 per Share for the first year and $0.25 for the remaining four (4) years from completion of the Financing.

Proceeds from the Financing will be used to fund the Company's La Tuna, La Quintera and La Luz properties in Sonora, Mexico, working capital and for its general expenses.

ON BEHALF OF FIRST PURSUIT VENTURES LTD.

"Terry Fields"

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
    604-733-7923
    604-689-7816 (FAX)