VANCOUVER, Sept. 24 /CNW/ - David Cass, President of Focus Ventures Ltd. (TSX-V: FCV), is pleased to announce that it has graduated from the NEX board to Tier 2 of the TSX Venture Exchange effective today. The Company's trading symbol is now FCV.
As part of the graduation transactions, the assignment of the option by Radius Gold Inc ("Radius") to earn a 100% interest in the Nueva California Property, Peru has now closed. The Company has issued 1.0 million common shares and paid US$50,000 to Radius. The Company has also completed its non-brokered private placement by issuing 4,150,000 units at a price of $0.25 per unit, to raise proceeds of $1,037,500.
Each private placement unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share exercisable for two years at a price of $0.30. As a result of the foregoing transactions, the issued capital of the Company is now 19,217,039 common shares. The Radius Gold shares and the private placement shares and warrants are restricted from resale until January 23, 2010.
Simon Ridgway, a Director of Focus, said: "We are delighted to have completed these first key steps in Focus' development as a leading Peruvian gold explorer. Our technical team has identified and acquired a very attractive, undrilled gold project at Nueva California and I look forward to seeing the results of our drilling there in the near future."
The Company has a new website for investors, which can be found at http://www.focusventuresltd.com/s/Home.asp, with the latest news, technical information on the Nueva California project, management profiles and an updated corporate presentation.
About Focus Ventures
Focus Ventures has assembled an experienced technical team of geologists and consultants with in-depth local knowledge of Peruvian geology and the specialist operational capabilities needed to search out and acquire quality gold projects in Peru. Focus's strategy is to identify and acquire early-stage gold projects that show potential to become mines.
ON BEHALF OF THE BOARD
David Cass, President
Investor relations: Erin Ostrom
Shares Issued: 19.2-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release
SOURCE Focus Ventures Ltd.
For further information: For further information: on Focus Ventures Ltd., please call (604) 688-5288 or visit our web site (www.focusventuresltd.com)