Focus Metals Inc.

Focus Metals Inc.

December 30, 2010 13:53 ET

Focus Metals Closes Flow-Through Private Placement

OTTAWA, ONTARIO--(Marketwire - Dec. 30, 2010) - Focus Metals Inc. ("Focus Metals" or "Company")(TSX VENTURE:FMS) announces the closing of a non-brokered flow-through private placement (the "Placement") for gross proceeds of $ 2,000,000 (see Focus Metals news release of December 17, 2010). The placement consisted of the issuance of 6,666,668 units (the "Units") at a price of $0.30 per unit. Each Unit is comprised 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 $0.40 until December 29, 2012. 

In connection with the Placement, the Company paid a cash finder's fee to eligible parties totalling $160,000 and issued, as additional consideration, 533,333 non-transferable warrants entitling the holder to acquire the same number of common shares of the Company at a price of $0.30 per common share for the Placement for a period of twenty-four (24) months expiring December 29, 2012.

All securities issued in the Placement will be subject to a four month hold period expiring on April 30, 2011. Proceeds will be used to fund the Company's exploration activities.

Commenting on the closing, the CEO of Focus Metals, Gary Economo, said: "The flow-through financing allows us to step up our exploration activities in the Kwyjibo Cu-REE property and to earn our 50% ownership interest much faster. And will also allow us to further advance our Lac Knife graphite project".


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

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