ABBOTSFORD, BC, Dec. 14 /CNW/ - First Choice Products Inc. (CNSX:FCI) (the Company") is pleased to announce that it will be arranging a non-brokered private placement (the "Private Placement") to raise aggregate gross proceeds to the Company of $500,000 by the issuance of 5 million units (each a "Unit") at a purchase price of $0.10 per Unit. Each Unit will consist of one common share ("Common Share") of the Company and one-half of one non-transferable common share purchase warrant, (each whole warrant a "Warrant"). Each whole Warrant will be exercisable to purchase one additional common share (a "Warrant Share") of the Issuer at an exercise price of $0.15 per Warrant Share for a period of 24 months from the Closing.
Insiders of the Company may be participating in the Private Placement.
The Company may pay a finder's fee in connection with the Private Placement equal to 7 percent of the amount raised from arm's length investors, in cash or common shares of the Company at the option of the finder.
The net proceeds from the private Placement will be used to market the Company's Extreme Green putting green, to facilitate a graduation to the TSX Venture Exchange in early 2010 and to launch a post-listing Investor Relations program.
All of the securities issued pursuant to the private Placement will be subject to a minimum four month hold period. The Private Placement and payment of any finder's fee are subject to acceptance by the CNSX Exchange.
About First Choice Products
First Choice Products Inc. is a Canadian design and manufacturing company whose mandate is to develop and market high quality, unique and innovative retail consumer products which capture profitable niches in expanding markets. The company is focused on marketing its flagship Extreme Green product line, a patented golf putting green system that is unmatched in performance and pricing. The Company generated revenues of $2 million in 2007 and $1.9 million in 2008, and is planning to re-list on the TSX Venture Exchange.
On Behalf of the Board;
President, First Choice Products Inc.
No.6 - 2076 Townline Rd.
Abbotsford, B.C. V2T 6E5
Toll-Free (866) 719-2988
Office (604) 853-2655
Fax (604) 853-3119
THE CANADIAN NATIONAL STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE FIRST CHOICE PRODUCTS INC.
For further information: For further information: Kevin Beaulieu, President, Bellbeau Capital Corp., No. 810 - 475 Howe St., Vancouver, B.C., V6C 2B3, Toll-Free: (866) 944-8674, Office: (604) 634-3665, Fax: (604) 634-3659