TORONTO, April 4 /CNW/ - First Metals Inc (FMA.H-NEX) (the "Corporation") announced today that pursuant to its ongoing restructuring process
that it has completed the disposition of its Fabie Bay and Magusi River
properties, together with certain assets related thereto, for aggregate
consideration of $500,000 payable in common shares of Globex Mining
Enterprises (TSX:GMX) at a deemed issue price of $3.00 per share. The
net proceeds of this sale will be used to repay amounts owing to the
Corporation's secured noteholders.
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the
Corporation's future intentions, plans, objectives or goals, including
words to the effect that the Corporation or management expects a stated
condition or result to occur. Since forward-looking statements address
future events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results in each case could
differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE First Metals Inc.
For further information:
For additional information, please contact Michael Churchill, President and CEO, at (416) 594-3223