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Formation Metals Completes Oversubscribed $4.4M Private Placement
Jun. 02, 2016 07:45AM PST
Battery Metals
Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) announced that it has completed its previously announced offering with the majority of the over-allotment option exercised pursuant to which it has issued and sold 14,755,200 units of the Company at a price of C$0.30 per Unit for total gross proceeds of C$4,426,560.
Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) announced that it has completed its previously announced offering with the majority of the over-allotment option exercised pursuant to which it has issued and sold 14,755,200 units of the Company at a price of C$0.30 per Unit for total gross proceeds of C$4,426,560.
The Company intends to use the net proceeds of the Offering to fund bankable feasibility level technical studies on the Company’s Idaho Cobalt Project and for general working capital purposes.
Formation Metals President and CEO, Paul Farquharson, stated:
The closing of this financing is a major advancement in moving our Idaho Cobalt Project towards production. These funds are expected to allow us to produce a bankable feasibility study that will assist the Company in moving forward on project capex financing.
Connect with Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) to receive an Investor Presentation.
