Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

November 09, 2006 18:55 ET

Full Metal Minerals Closes $5.0 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Full Metal Minerals Ltd. (TSX VENTURE:FMM) (the "Company") announces that it has closed its previously announced brokered private placement for gross proceeds of $5,002,500. A total of 2,175,000 Units were issued at a price of $2.30 per Unit, including an over-allotment of 425,000 Units which was fully exercised by Canaccord Adams (the "Agent"). Each Unit is comprised of one common share and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $3.00 per share until November 9, 2008.

The Agent was paid a cash commission of $375,187.50, representing 7.5% of the gross proceeds. The Company also issued 217,500 Agent's warrants exercisable for 217,500 common shares at an exercise price of $2.50 per share until November 9, 2008 and 20,000 corporate finance units. Each corporate finance unit is comprised of one common share and one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $3.00 per share until November 9, 2008.

All of the securities issued under the private placement are subject to a four month hold period expiring on March 10, 2007.

The Company intends to use the net proceeds from the offering to advance the Company's exploration properties and for general working capital purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the use of proceeds.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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