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Focus Ventures Ltd. (TSXV:FCV) announced the completion of the US$5 million loan facility from lenders and the purchase of 70% interest in Juan Paulo Quay S.A.C. , the title holder of the Bayovar 12 concession, for US$4 million.
Focus Ventures Ltd. (TSXV:FCV) announced the completion of the US$5 million loan facility from lenders and the purchase of 70% interest in Juan Paulo Quay S.A.C. , the title holder of the Bayovar 12 concession, for US$4 million.
As quoted in the press release,
As part consideration for the loan facility, the Company has issued a total of 1,018,554 common shares at a deemed price of CDN$0.215 per share to the Lenders. These shares have a resale restriction which expires on July 27, 2015.
David Cass, the President of Focus stated:
We’re extremely pleased to become the majority shareholder in JPQ, a key milestone for Focus. This dramatically improves Focus’s investment case to potential strategic partners. We look forward to our new partnership with the other JPQ shareholders who will continue to provide the benefit of their local expertise as we advance the Bayovar 12 project. In the next 2-3 weeks we plan to publish an overview of our technical work program for 2015 and an overview of our marketing strategy for the Company.
Click here for the full Focus Ventures Ltd. (TSXV:FCV) press release