FirstGrowth Exploration & Development Services Corp.
OTC Bulletin Board : FGCDF

FirstGrowth Exploration & Development Services Corp.

July 02, 2008 16:03 ET

FirstGrowth Announces Amendment to Terms of Outstanding Convertible Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2008) - FirstGrowth Exploration & Development Services Corp. (TSX VENTURE:FGC)(OTCBB:FGCDF)(FRANKFURT:G8Q) (the "Company") announced today that it has amended the terms of an outstanding convertible debenture of $2,700,000, initially completed and announced on April 19, 2007.

The new conversion prices are as follows: $0.80 in the second year (the current year), $1.40 in the third year and $1.55 in the fourth year. In exchange for reducing the conversion prices, the debenture holder has agreed to extend its retraction rights from any time following the second year from date of issuance of the debenture to any time following the third year form date of issuance of the debenture, providing that the holder of the debenture will have given the issuer not less than three months prior written notice of the holder's intention to cause the issuer to retract the debenture and provided that such retraction notice will terminate the holder's right to convert the debenture into debenture units following the date such retraction notice is given to the issuer.

About FirstGrowth

FirstGrowth is an oil, gas and mineral exploration services company focused on providing data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the resource exploration and development industry. Driven by a proven and experienced management team and using cutting edge technology, FirstGrowth has aggressively grown its revenues for three consecutive years.

FirstGrowth's subsidiary, Kinetex Inc., has been a developer of advanced exploration techniques with 2008 marking its 10th year, as an integrator of applied sciences to the resource industry. Kinetex's services being utilized in both oil & gas exploration and development, and precious and base mineral exploration and evaluation. One of Kinetex's primary services is targeted implementation and optimization of seismic imaging using the proprietary VectorSeis Recording System and Digital 3 Component Full Wave Imaging.

The company seeks safe harbour.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.

Contact Information

  • FirstGrowth Exploration & Development Services Corp.
    Gil Schneider
    President & CEO
    (604) 484-5761 or Toll Free: 1-888-484-5761
    (604) 484-5760 (FAX)