Full Metal revises terms of equity financing

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/

VANCOUVER, June 23 /CNW/ - 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.

As 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.

The 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.

The Company intends to use the net proceeds from the offering to advance the Company's exploration properties and for general working capital purposes.

    
    ON BEHALF OF THE BOARD OF DIRECTORS
    "Michael Williams"

    Michael Williams
    President and Director
    

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE FULL METAL MINERALS

For further information: For further information: Jeff Sundar, Vice President, Investor Relations, Suite 1500, 409 Granville Street, Vancouver, BC, V6C 1T2, Telephone: 604-484-7855, Fax: 604-484-7155, Email: info@fullmetalminerals.com, Website: www.fullmetalminerals.com

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FULL METAL MINERALS

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