Business
Full Metal revises terms of equity financing
Full Metal revises terms of equity financing
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"\n\n\n\n Jun. 23, 2010 (Canada NewsWire Group) -- /NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/\n\n Full Metal Minerals Ltd. (TSXV:FMM) ("Full Metal" or the "Company") announces that in connection with its previously announced equity financing, it has revised the terms of the Company's agreement with Canaccord Genuity Corp. ("Canaccord Genuity", or, the "Agent") as described below. Canaccord Genuity has agreed to sell up to 16,750,000 units (the "Units"), on a private placement basis, at a price of $0.18 per unit for gross proceeds of up to $3,015,000 (the "Offering"). A Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to subscribe for one additional common share at a price of $0.25 for a period of 24 months from the date of closing. Completion of the private placement will be subject to usual conditions, including satisfactory due diligence and regulatory approval, including acceptance of the TSX Venture Exchange.\nAs consideration for acting as Agent, Canaccord Genuity will be paid a commission of 6% of the total proceeds raised upon closing and issued agents' warrants ("Agents' Warrants") equal to 6% of the Units issued pursuant to this Offering. Each Agents' Warrant will be exercisable to acquire one common share at $0.25 expiring 24 months after the closing date.\nThe Company has also granted the Agent an over-allotment option to increase the Offering by up to $1,008,000, exercisable 48 hours prior to closing.\nThe Company intends to use the net proceeds from the offering to advance the Company's exploration properties and for general working capital purposes.\n\n\n >\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.\n\n\n\n","length":2316,"tagName":"div"}]