|By Marketwired .||
|December 2, 2013 08:31 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/02/13 -- Focus Ventures Ltd. (TSX VENTURE: FCV) is pleased to advise that it has closed its previously announced non-brokered private placement by issuing 12.5 million units at $0.12 per unit, for gross proceeds of $1.5 million. Each unit consists of one common share and one warrant, each warrant entitling the holder to purchase one additional common share of the Company at $0.20 for two years from closing. If the closing price of the Company's shares exceeds $0.25 for a period of 10 consecutive trading days, the Company may accelerate the expiry of the warrants by giving notice in writing to the holders, and in such case, the warrants will expire on the 30th day after the date on which such notice is given. The Company also issued 170,800 units and 316,633 warrants as finders' fees in connection with the financing. The finders' fee warrants are exercisable at $0.16 for two years from closing. All of the shares and warrants have a resale restriction until March 29, 2014.
The proceeds of the financing will be used for exploration of the Company's phosphate projects in Peru and Colombia, and for general working capital purposes.
About Focus Ventures
Phosphate rock is a raw material for fertilizers and vital to world food production. Focus is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the growing demand and limited local supply of phosphate for fertilizer production. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Focus Ventures Ltd. Actual results may differ materially from those currently anticipated in such statement.