/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
VANCOUVER, Oct. 12 /CNW/ - Full Metal Minerals Ltd. (FMM-TSX:V) is
pleased to announce a bought deal private placement with a syndicate of
underwriters led by Canaccord Capital Corporation ("Canaccord") and including
Raymond James Ltd. (the "Underwriters") of 4,000,000 Units (the "Units") at a
price of $2.50 per Unit for gross proceeds of $10,000,000 (the "Offering"). A
Unit will consist of one common share and one-half of one common share
purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to
subscribe for one additional common share at a price of $3.00 for a period of
24 months from the date of closing.
As consideration for acting as Underwriters, Canaccord and Raymond James
Ltd. will be paid a commission of 7.5% of the total proceed raised upon
closing and issue underwriters' warrants ("Underwriters' Warrants") equal to
10% of the Units issued pursuant to this Offering. Each Underwriters' Warrant
will be exercisable to acquire one common share at $2.50 expiring 24 months
after the closing date.
The Company has also granted the Underwriters an over-allotment option to
increase the offering by up to 600,000 Units, exerciseable 48 hours prior to
The Company may also sell on a non-brokered private placement basis up to
$3,000,000 of Units having the same terms as the above.
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
President and Director
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Jeff Sundar, Manager, Investor Relations; Suite
1500, 409 Granville Street, Vancouver, BC, V6C 1T2, Telephone: (604) 484-7855,
Fax: (604) 484-7155, Email firstname.lastname@example.org,