/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
VANCOUVER, July 9 /CNW/ - Full Metal Minerals Ltd. (TSXV:FMM) ("Full Metal" or the "Company") is pleased to announce that it has closed the financing announced May 13, 2010. The Company has issued a total of 17,358,889 units at a price of $0.18 per unit for gross proceeds of $3,124,600. Each unit consists of one common share in the Company ("Share") and one half common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $0.25 until July 9, 2012.
Canaccord Genuity Corp. (the "Agent") received a cash commission of 6% of the proceeds, warrants ("Agent's Warrants") equal to 6% of the Units issued pursuant to this offering and 150,000 Units. A total of 1,041,533 Agent's Warrants were issued, each of which is exercisable to acquire one common share at $0.25 until July 9, 2012.
The Shares and any common shares issuable upon exercise of Warrants and Agent's Warrants are subject to a hold period and may not be traded until November 10, 2010 except as permitted by applicable securities legislation and the rules of the TSX Venture Exchange.
The Company intends to use the net proceeds from the offering to advance the Company's exploration properties and for general working capital purposes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Director
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: firstname.lastname@example.org, Website: www.fullmetalminerals.com