First Pursuit Closes $1,250,000 Private Placement
TSX-V: FPV
Vancouver, B.C., Canada February 1, 2011 NEWS RELEASE
FIRST PURSUIT CLOSES $1,250,000 PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – First Pursuit Ventures Ltd. (TSX-V: FPV) (the “Company”) is pleased to announce that it has closed its non-brokered private placement of 8,333,333 units (the “Unit”) at a price of $0.15 per Unit (collectively the “Financing”). An aggregate of 8,333,333 common shares and 8,333,333 transferable common share purchase warrants ("Warrants") were issued in connection with the Private Placement. Each Warrant will entitle its holder to subscribe for one additional Share at $0.20 per Share for the first year and $0.25 for the remaining four (4) years from completion of the Financing. The 8,333,333 common shares and all warrant shares issued are subject to a four-month hold period expiring June 1, 2011.
Finders fees paid include: an aggregate of $30,360 in cash and 253,000 in finders’ warrants payable to a registered dealer, where each finders’ warrant will entitle its holder to subscribe for one common share at $0.20 per Share for the first year and $0.25 for the remaining four (4) years from completion of the Financing.
Proceeds from the Financing will be used to fund the Company’s La Tuna, La Quintera and La Luz properties in Sonora, Mexico, working capital and for its general expenses.
ON BEHALF OF FIRST PURSUIT VENTURES LTD.
"Terry Fields"
Terry Fields President and Director
FOR MORE INFORMATION PLEASE CONTACT:
Investor Relations Telephone: 604-733-7923
NEITHER THE 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
Suite 100 – 1616 West 3rd Avenue • Vancouver, B.C. • V6J 1K2 TEL (604) 733-7923 • FAX (604) 689-7816