RE: RE: RE: Again and againPeteyK,
Read the terms of the loan, fool...
Vancouver, B.C., March 18, 2010, Formation Metals Inc. (FCO-TSX) (the "Company") is pleased to announce a non-brokered private placement of up to 5,750,000 Units of the Company to qualified investors at a price of $1.50 per Unit (the "Offering"), for gross proceeds of up to $8,625,000. The Offering, which is subject to regulatory approval, is anticipated to close on or about April 30, 2010 or such other date as may be determined by the Company (the "Closing Date"). Each Unit is comprised of one common share and one-half of one transferable common share purchase warrant, each whole common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $2.00 per share for a period of twenty four months from the Closing Date, subject to the Company's right to accelerate the expiry date as described below (the "Acceleration Right"). The securities issued pursuant to the Offering are subject to a 4 month hold period in Canada. Non-arm's length parties may participate in up to 10% of the Offering.
Vancouver, BC, May 07, 2010, Formation Metals Inc. (FCO-TSX) (the "Company" or "Formation") is pleased to announce the successful completion of financings totalling $10 million. The proceeds of these transactions are intended to be used by Formation to finance the further development of its Idaho Cobalt Project and for other general corporate purposes and working capital. The financings were comprised of non-brokered private placements of an unsecured convertible debenture and units comprised of common shares and common share purchase warrants at $1.50 Unit.
The Company has closed the previously announced non-brokered private placement of 1,333,375 Units at a price of $1.50 per Unit (the "Unit Offering") resulting in gross proceeds of $2,000,063. Each Unit is comprised of one common share and one-half of one transferable common share purchase warrant, each whole common share purchase warrant entitling the purchase of one share of common stock.