Focus Metals Inc.
TSX VENTURE : FMS

Focus Metals Inc.

December 17, 2010 16:00 ET

Focus Metals Announces Two Private Placement Offerings

OTTAWA, ONTARIO--(Marketwire - Dec. 17, 2010) - Focus Metals Inc. (TSX VENTURE:FMS) This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.

Focus Metals Inc. ("Focus Metals" or "Company") announces a non-brokered private placement offering (the "Offering") of up to 5,000,000 units (the "Units") at a price of $0.25 each for gross proceeds of up to $1,250,000. Each Unit will consist of one common share of the Company and one-half of a share purchase warrant ("warrant"). Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.35 for twenty-four months following the closing of the Offering. 

Focus Metals also announces a non-brokered flow-through private placement offering (the " FT Offering") of up to 6,666,667 units at a price of $0.30 per unit for gross proceeds of up to $2,000,000. Each Unit will consist of one common share of the Company and one-half of a warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.40 for twenty-four months following the closing of the FT Offering.

It is anticipated that the closing for these offerings will take place by December 20, 2010.

In connection with the Offerings, the Company may pay a cash finder's fee of up to 8% of the proceeds and may issue up to 8% of the total number of units sold in non-transferable warrants entitling the holder to acquire the same number of common shares of the Company at a price of $0.25 per common share for the offering and $0.30 for the FT offering for a period of twenty-four (24) months following the closing of the Offerings.

All securities issued in the Offerings will be subject to a four month hold period from the closing of the Offerings and to the approval of the TSX Venture Exchange.

The proceeds will be used to fund the Company's exploration activities and general corporate expenses.

Profile

Focus Metals Inc. is an emerging mid-tier junior mining exploration company with excellent discovery stage base metals and industrial minerals opportunities in Quebec. A determined management team with extensive mining business experience lead the Corporation. 

Neither 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

  • Gary Economo
    President and Chief Executive Officer
    613-691-1091 ext. 101