Focus Completes C$4.0 Million Private Placement

Focus Ventures Ltd (TSXV:FCV) announced that it has completed its non-brokered private placement financing of 20 million units at a price of $0.20 per unit for the gross proceeds of C$4 million.

As quoted in the press release:

Each unit consists of one common share and one full warrant, each full warrant entitling the holder to purchase one additional common share of the Company at CAD$0.265 for two years from closing. If the closing price of the Company’s shares exceeds CAD$0.40 for a period of 10 consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice in writing to the holders, and in such case, the warrants will expire on the 30th day after the date on which such notice is given.

The common shares and warrants issued in the placement are subject to a resale restriction until October 4, 2015. Cash finder’s fees totaling CAD$126,602 have been paid on a portion of the placement.

The proceeds of the placement will be used to make a US$1.5 million prepayment on the Company’s loan from Sprott Resource Lending Partnership, for exploration and development of the Bayovar 12 phosphate project in Peru, and for general working capital purposes.

Click here to read the full Focus Ventures Ltd (TSXV:FCV) press release.