Puget Ventures Inc. (TSXV:PVS) filed and received receipt for a final short form prospectus containing the final details of its previously announced prospectus offering of units of the Company. A significant portion of the funds raised under the Offering will be for exploration of mining interests the Company will obtain through its proposed acquisition of Pafra Enterprises Company Limited and in particular the Karakul Cobalt Project.
As quoted in the press release:
This final short form prospectus (the “Final Prospectus”) qualifies the distribution (the “Offering”) of a minimum of 10,312,500 subscription receipts and a maximum of 26,668,250 subscription receipts (the “Subscription Receipts”) at a price of $0.60 per Subscription Receipt, for minimum total gross proceeds of $6,187,500 and maximum total gross proceeds of $16,000,950. Each Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration or further action, and subject to adjustment, upon the satisfaction of the Release Conditions (as defined herein), one unit of the Company (a “Unit”).
|Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.|