Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) announced that it has amended the terms of the private placement previously announced on May 4, 2016.

Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) announced that it has amended the terms of the private placement previously announced on May 4, 2016. The Company had entered into an agreement with Dundee Securities Ltd. under which the Agent has agreed to offer for sale, on a “best efforts” private placement basis, units of the Company at a price of C$0.30 per Unit for total gross proceeds of up to approximately C$3,000,000.
The Company intends to use the net proceeds of the Offering to fund bankable feasibility level technical studies of the Company’s Idaho Cobalt Project and for general working capital purposes.
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