Ever wonder why?IAMGOLD sold Lac Knife for $250K and a few shares..........
OTTAWA, ONTARIO--(Marketwire - Oct. 5, 2010) - Focus Metals Inc. ("Focus Metals" or "Corporation") (TSX VENTURE:FMS) is pleased to announce the closing of the acquisition of all of the issued and outstanding shares of 3765351 Canada Inc. ("3765351"), a subsidiary of IAMGOLD and registered owner of the Lac Knife graphite property (see press release of August 19th, 2010), in exchange for (i) a cash payment of $250,000 and (ii) the issuance of 3,956,466 common shares and 1,978,233 warrants of the Corporation, each warrant entitling IAMGOLD to acquire an additional Common Share of Focus at $0.10 until October 4, 2012. Focus Metals has also executed an indemnity agreement in favour of IAMGOLD.