Formation Metals Inc. Proposes to Extend Warrants

Formation Metals Inc. (TSX:FCO) reports that it has the conditional approval of the TSE to extend the expiry date, from May 2, 2011 to May 2, 2012.

The press release is quoted as saying:

Each Warrant entitles the purchase, at $2.80 per share, of one common share of the Company. No change in the exercise price of the Warrants is proposed. The extension of the Expiry Date of the 29,646 Warrants held by insiders of the Company is subject to shareholder approval. 

Formation Metal’s CEO, Mari-Ann Green says:

“In May 2009 we completed a non-brokered private placement with long-term retail shareholders. Along with large institutional shareholders these smaller shareholders are important to us.”  “These shareholders are all too aware that the recent successful closing of the $80 million financing did not happen overnight and we wanted to offer them the opportunity to be warrant holders during the construction stage of development over the next year.”

Click here to access the entire news release.

Click here to access Formation Metals’ company profile.