Vancouver (pcJ News Briefs) – Focus Ventures Ltd. (TSX-V: FCV) has closed its previously announced private placement of 100 million units at $0.05 per unit for gross proceeds of $5.0 million. The private placement was oversubscribed by $1 million.
Each unit consists of one common share and one full warrant, each full warrant entitling the holder to purchase one additional common share at $0.10 for five years from closing.
In connection with this financing, Focus Ventures paid finder’s fees totaling $153,623.05 cash and issued a total of 2,214,100 warrants with same terms of the offering.
Proceeds of the financing are intended to be spent on engineering and marketing of its Bayovar 12 Project and for general working capital purposes.
Focus Ventures 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.
photo credit: Focus Ventures