Focus Metals Inc. : Filing of the TSX-V Listing Statement, Private Placement, and Completion of the Everton Properties Acquisition
May 12, 2010 For Immediate Release
Focus Metals Inc. : Filing of the TSX-V Listing Statement, Private Placement, and Completion of the Everton Properties Acquisition
OTTAWA, ONTARIO – Focus Metals Inc. (“Focus Metals” or “Corporation”) announces today that it has filed, on SEDAR, its Listing Statement following the receipt of the TSX Venture Exchange’s (the “Exchange”) conditional approval for the listing of the Corporation’s securities. The Corporation expects to file with the Exchange, before the end of the week, the final documentation requested in the Exchange’s conditional approval letter and, pending review and acceptance by the Exchange of such documentation, the Corporation anticipates trading on its securities to commence next week on a day to be determined by the Exchange, under the trading symbol “FMS“.
Private Placement
As a condition to the listing of the Corporation’s securities on the Exchange, Focus Metals announces a non-brokered private placement (the “Offering”) for gross proceeds of up to $750,000. The Offering will consist of the issuance of up to 7,500,000 units at a price of $0.10 per unit (the “Unit”). Each Unit is comprised of one common share and one-half of a warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.15 for a period of twenty-four months following the closing date. The Offering is scheduled to close on May 13, 2010.
Completion of the Everton Properties Acquisition
Concurrently with the listing of the Corporation’s securities on the Exchange, the Corporation will have completed the purchase of 13 properties covering 668 km2 in the Labrador Trough region of Quebec from Everton Resources Inc. (“Everton”), a company listed on the Exchange under the trading symbol “EVR”, the whole pursuant to an acquisition agreement dated March 24, 2009, amended on May 22, 2009, December 11, 2009, March 25, 2010, and April 30, 2010 (the “Agreement”). Pursuant to the terms of the Agreement, Everton received 6 million common shares of Focus Metals, at a deemed price of $0.06 per share, for an aggregate consideration of $360,000. As the transaction is subject to the listing of the Corporation’s securities on the Exchange on or before May 31, 2010, the share certificate and the property transfer documents are presently being held in trust by the Corporation’s legal counsel pending the completion of the Corporation’s listing application.
For more information on the Corporation, the Offering and the Agreement, please consult the Corporation’s Listing Statement which will be available shortly on SEDAR (www.sedar.com).
For more information, please contact:
Marco Gagnon President & Chief Executive Officer Tel.: 450-743-5527