VANCOUVER, Nov. 26 /CNW/ - Focus Ventures Ltd. (TSX-V: FCV.V) is pleased to announce that it has closed its previously announced non-brokered private placement of $6.0 million by issuing 8.0 million units at a price of $0.75 per unit. The Company paid $105,018 cash and issued 409,477 units and 549,500 warrants as finders' fees in connection with the financing.
Each private placement unit consists of one common share and one-half of a share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share exercisable for two years at a price of $1.00. The private placement shares and warrants have a resale restriction until March 27, 2010.
Nueva California Project
The Nueva California gold property lies 35km north of Barrick Gold's Pierina Mine, near the town of Huaraz. It is currently a privately owned, operating gold-silver mine. Focus recently completed a 400m first-pass diamond drill program at Nueva California, with encouraging results, and a second phase of drilling is now in the planning and permitting stages. The drilling confirmed the potential to host a near surface, bulk tonnage gold deposit (see press release October 26, 2009). Highlights of the drilling included:
- 69.6m grading 1.84 g/t Au* and 22 g/t Ag from surface in Hole DDH-
- 38.2m grading 1.7 g/t Au and 20 g/t Ag from surface in Hole DDH-NC-
* Interval 2.70m - 3.6m assaying 171 g/t Au was capped at 30 g/t Au for
the purposes of this calculation
Qualified Person - The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus's President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101.
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in Peru. Backed by an experienced technical team of geologists and consultants, Focus's strategy is to identify and acquire former producing mines or un-tested gold properties that show potential to become new mines. The Nueva California Property is the Company's first acquisition.
The Company was recently listed on the TSX Venture Exchange. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Contact: Erin Ostrom/ Ralph Rushton
Shares Issued: 27.7-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: (604) 688-5288 or visit our web site www.focusventuresltd.com