FirstGrowth Capital Inc.

FirstGrowth Capital Inc.

April 04, 2007 09:00 ET

FirstGrowth Capital Inc. Announces Closing the 2nd Tranche of Equity Financing for $3.2M

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2007) - FirstGrowth Capital Inc. (TSX VENTURE:FGC) is pleased to announce that it has completed the second tranche of the brokered and non-brokered equity private placement financing for gross proceeds of $3,202,721 million (see news releases dated February 8, 2007, February 15, 2007 and March 15, 2007). The TSX Venture Exchange issued its acceptance bulletin on April 2, 2007. Proceeds from the financings will be used to purchase additional equipment and for working capital.

The second tranche financing consisted of 3,050,210 units at a purchase price of $1.05 per unit. Each unit consists of one share and one full share purchase warrant. One whole warrant will entitle the holder to purchase an additional share in the company at the price of $1.75 for 24 months. The units are subject to a four-month hold period following the closing.

Fees paid in accordance with this tranche of financing are as follows:

Finders' fees: $114,700.14 and 109,276 agent's warrants payable to Ascenta Finance Corp.; $22,680 and 21,600 agent's warrants payable to Raymond James Ltd.; $11,203.50 and 10,670 agent's warrants payable to Research Capital Corp.; $57,293.26 and 54,566 agent's warrants payable to Haywood Securities Inc.; $2,887.50 and 2,750 agent's warrants payable to Pacific International Securities Inc.; $577.50 and 550 agent's warrants payable to Jones, Gable and Company Ltd.; $590.63 and 563 agent's warrants payable to John Gjervan; $9,450 and 9,000 agent's warrants payable to Union Securities Ltd.; $1,575 payable to Sandeep Sull.

About FirstGrowth

FirstGrowth is an oil, gas and mineral exploration services company focused on the organic growth of its subsidiary, Kinetex Inc. In addition, FirstGrowth's goal is to make acquisitions in the resource services sector accretive to Kinetex's current seismic imaging services.

Kinetex has been a developer of advanced exploration techniques for over six years as a Calgary-based intergrator of applied sciences to the resource industry, including 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.

Kinetex continues to be focused on offering value added services which accelerate the advancement of both grass roots exploration and development of hard rock deposits, with extensive experience in the areas of diamonds, gold and uranium.


Gilbert Schneider, President

The company seeks safe harbour.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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