Focus Ventures Arranges $500,000 Financing and $75,000 Debt Settlementadmin
Focus Ventures Ltd. announce that it has arranged, subject to acceptance by the NEX Board of the TSX Venture Exchange, a non-brokered private placement of up to $500,000 by way of the issuance of up to 3,333,333 units at a price of $0.15 per unit, and the settlement of certain of its debt by the issuance of 500,000 units at a deemed price of $0.15 per unit.
Each private placement and debt settlement unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share exercisable for a period of one year at a price of $0.15.
The Company has agreed pay finder’s fees in connection with the private placement consisting of cash payments totaling $37,500 (being 7.5% of the gross proceeds) and the issuance of 333,333 warrants (being 10.0% of the financing). The finder’s fee warrants will have the same terms as the private placement warrants. The balance of the financing proceeds will be used for general working capital.