VANCOUVER, CANADA--(Marketwired - March 17, 2014) - Focus Ventures Ltd. (TSX VENTURE:FCV) reports that it has revised its previously announced private placement to increase the size of the financing to $1,254,000, and, as required by the TSX Venture Exchange, to increase the exercise price of the warrants to 26.5 cents per share.
Accordingly, the private placement will be up to 5.7 million units at 22 cents per unit, to raise gross proceeds of up to $1,254,000. Each unit will consist of one common share and one half of a warrant, each full warrant entitling the holder to purchase one additional common share of the Company at 26.5 cents for one year from closing.
A finder's fee may be paid on a portion of the placement. The finder's fee will consist of 7 per cent cash or units and 7 per cent warrants, each such warrant entitling the finder to purchase one common share of the Company at a price of 26.5 cents for one year.
The proceeds of the financing will be used for continued exploration of the Company's Bayovar 12 phosphate project in Peru, and for general working capital purposes. The financing is subject to stock exchange approval.
Phosphate rock is a raw material for fertilizers and vital to world food production. Focus is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the growing demand and limited local supply of phosphate for fertilizer production. For further information, please call 604-630-5544 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
Ralph Rushton, Director
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contains forward-looking information that involves inherent risk and uncertainty affecting the business of Focus Ventures Ltd. Actual results may differ materially from those currently anticipated in such statement.