Re: News Releases - Monday, April 26, 2010
First Point Closes $7,500,000 Non-brokered Private Placement
Peter M.D. Bradshaw, Ph.D., P. Eng., President and Chief Executive
Officer of First Point Minerals Corp. (TSX-V:FPX) is pleased to
announce that on April 26, 2010, First Point closed (the "Closing
Date") its previously announced non-brokered private placement
consisting of 15,000,000 units ("Units") at a price of $0.50 per Unit,
for gross proceeds to the Company's treasury of $7,500,000. Each Unit
consisted of one common share ("Share") and one-half of one common
share purchase warrant. Each whole warrant ("Warrant") is exercisable
into one additional common share (a "Warrant Share") at a price of
$0.65 per Warrant Share until the first anniversary of the Closing Date
and at a price of $0.80 per Warrant Share thereafter until the Warrants
expire on the second anniversary of the Closing Date.
In the event that the Company's common shares trade at a closing price
on the TSX Venture Exchange of greater than $1.10 per share for a
period of 20 consecutive trading days at any time after four months and
one day after the Closing Date, the Company may accelerate the expiry
date of the Warrants by giving notice to the holders thereof and in
such case the Warrants will expire on the 30th day after the date on
which such notice is given by the Company.
In accordance with securities regulations currently in effect, the
Shares, the Warrants and the Warrant Shares will be subject to a "hold"
period that expires on August 27, 2010.
The funds raised will be used to finance further exploration of the
Company's nickel alloy properties in British Columbia and Oregon and to
expand the search for similar properties in other geographic areas and
to fund a drilling program at the Company's Corralitos gold property in
Mexico and for working capital.
Six of the Company's directors and officers participated in the
financing, subscribing for an aggregate of 260,000 Units.
Fees paid to certain arm's-length individuals who introduced
subscribers to the Company consisted of cash equal to 6% of the amounts
received from such subscribers, together with finders' warrants
("Finders' Warrants") equal to 6% of the Units issued to such
subscribers. Aggregate payments to finders were $262,050 and 262,050
Finders' Warrants. The terms applicable to the Finders' Warrants are
identical to the terms applicable to the Warrants.
First Point Minerals Corp. is a Canadian base and precious metal
exploration company. For more information, please view the Company's
website at www.firstpointminerals.com or phone Peter Bradshaw,
President and CEO, or Ron Britten, Vice-President of Exploration, at
On behalf of First Point Minerals Corp.
Peter Bradshaw, Ph.D., P. Eng., President & CEO - TSX Venture Exchange:
Suite 906 -- 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release
Copyright (c) 2010 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
Message sent on Mon Apr 26, 2010 at 12:21:59 PM Pacific Time