Focus Ventures Ltd. (TSX VENTURE:FCV) is pleased to announce that it has arranged, subject to stock exchange approval, a non-brokered private placement financing of up to 10 million units at $0.12 per unit, for proceeds of up to $1.2 million. 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 $0.18 for two years from closing.
A finder’s fee may be paid on a portion of the placement. The finder’s fee will consist of 7% cash or units and 7% warrants, each such warrant entitling the finder to purchase one common share of the Company at a price of $0.18 for two years.
The proceeds of the financing will be used for exploration of the Company’s Bayovar 12 phosphate project in Peru, and for general working capital purposes.
The Bayovar 12 mining concession is close to the operating Bayovar phosphate mine, owned by Vale, Mosaic and Mitsui. Focus believes the Bayovar 12 property shows potential to host a large sedimentary phosphate deposit and is planning a systematic grid-based drill program which will commence as soon as exploration permits are received from the authorities.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus’s President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a “Qualified Person” in accordance with NI 43-101.
About Focus Ventures
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.
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