VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Full Metal Minerals Ltd. (TSX VENTURE:FMM) reports that the $2,000,000 non-brokered private placement announced on December 8, 2009 has been increased. The Company announces that it intends to complete an additional $2,100,000 financing through the sale of 14,000,000 Units at $0.15 per Unit.
Each unit will consist of one common share and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share, exercisable for a period of two years following the closing of the private placement, at a price of $0.25 per common share.
A finder's fee of 8% of the gross proceeds may be payable in cash, or shares, on a portion of the financing. The net proceeds from the financing will be used for exploration expenses on the Company's projects and for general working capital.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Drilling and underground development is currently underway at the high-grade Lucky Shot Gold Project. The Company has Exploration Agreements with Kinross Gold, Freeport-McMoRan Exploration Corporation, BHP Billiton, New Gold, Triex Minerals, Altair Ventures, Highbury Projects, and Ashburton Ventures Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director |
