VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2017) - Focus Ventures Ltd. (TSX VENTURE:FCV) is pleased to announce that due to strong interest from investors, the Company has increased the size of its previously announced private placement financing. The Company has now closed the placement with the issuance of 100 million units at $0.05 per unit, for gross proceeds of $5.0 million. Each unit consists of one common share and one full warrant, each full warrant entitling the holder to purchase one additional common share of the Company at $0.10 for five years from closing.
In connection with this financing, the Company paid finder's fees totaling $153,623.05 cash and issued a total of 2,214,100 warrants which have the same terms as described above. The common shares and warrants issued in the placement are subject to a resale restriction until July 24, 2017.
The proceeds of the financing are intended to be spent on engineering and marketing of the Company's Bayovar 12 Project and for general working capital purposes.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Focus
Focus is developing the Bayovar 12 phosphate deposit located 40 km from the coast in the Sechura District of northern Peru. Bayovar 12 hosts a large resource of highly-reactive sedimentary phosphate rock - a key raw material input for fertilizers and vital to world food production. Reactive phosphate rock from Sechura is a natural, slow-release source of phosphorus that can be applied directly to crops. Focus aims to supply direct application phosphate rock to the nearby agricultural regions of South and Central America, the fastest growing fertilizer market in the world.
For further information, please visit our web site www.focusventuresltd.com.
