Re: News Releases - Wednesday, December 02, 2009
First Point Announces Revisions to the terms of the Private
Placement of First Point Shares to Cliffs
This news release, required by applicable Canadian laws, is not for
distribution to U.S. newswire services or for dissemination in the U.S.
Peter Bradshaw, Ph. D., P. Eng., President & CEO of First Point
Minerals Corp (FPXV:TSXV) ("First Point" or the "Company"), has been
advised by the TSX Venture Exchange (the "Exchange") that the pricing
and size of the proposed private placement of First Point common shares
to Cliffs Natural Resources Exploration Inc. ("Cliffs"), a wholly-owned
subsidiary of international mining company Cliffs Natural Resources
Inc., (see Press Release dated November 13, 2009) must be revised to
conform with the Exchange's policies in respect to pricing and change
of control matters.
First Point and Cliffs have agreed to reprice the private placement to
$0.0975 per common share, and to restrict the offering to 15% (being
10,198,808 shares) of the Company's issued and outstanding common
shares after giving effect to the private placement. The terms of the
option agreement have been revised to provide that Cliffs can earn an
initial 51% interest in a joint venture on the Decar property by
spending US$4.5million on the property in four years, of which
US$1million is a firm commitment in year one. First Point will manage
the initial exploration activities.
The revised private placement, which is subject to acceptance by
regulatory authorities, is expected to close on or before December 9,
First Point Minerals Corp is a Canadian base and precious metal
exploration company focused on the Americas. 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 (604) 681-8600.
FIRST POINT MINERALS CORP.
"Peter M.D. Bradshaw"
Peter M.D. Bradshaw, President - TSX Venture Exchange: FPX
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) 2009 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
Message sent on Wed Dec 2, 2009 at 10:19:12 AM Pacific Time