/NOT FOR DISSEMINATION IN THE
UNITED STATES
OR FOR RELEASE TO U.S. NEWSWIRE SERVICES/
VANCOUVER
,
Nov. 5
/CNW/ - Focus Ventures Ltd. (TSX-V: FCV.V) is pleased to announce that it has negotiated, subject to stock exchange approval, a non-brokered private placement of up to 8.0 million units at
$0.75
per unit, for gross proceeds of up to
$6.0 million
. Each unit will consist of one common share and one-half of a warrant. Each whole warrant will entitle the holder to purchase one additional common share at
$1.00
exercisable for two years.
If at any time from four months and one day after the closing of the financing, the volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange over a period of 20 consecutive trading days exceeds
$1.25
, the Company may, within five days after such an event, provide notice to the warrant holders that the warrants will expire early, namely, on the date which is 30 calendar days after the date of such notice to the warrant holders.
The Company has agreed to pay Axemen Resource Capital Ltd. and Leede Financial Markets Inc. finder's fees with respect to subscribers found by Axemen and Leede. The net proceeds of the placement will be used for advancement of the Company's Nueva California Property in
Peru
, and for general working capital purposes.
Management Appointments
The Board of Directors of Focus recently made a number of changes to the Company's executive management team, including appointing existing director,
Simon Ridgway
, as Chairman and Chief Executive Officer. A well known financier with over 20 years of mining and exploration experience worldwide, he has raised more than
$250 million
for companies under his guidance since 2003. The Board looks forward to the continuing development of Focus Ventures under
Mr. Ridgway
's direction.
Mr. Mark Slauenwhite
, a resident in
Peru
and currently the Company's Manager of Exploration, has been promoted to the position of Vice-President, Exploration. Mark has 25 years' international experience including 13 years in
Peru
. He was responsible for all aspects of Barrick Gold's exploration program in South and Central
Peru
. He also spent 11 years with Inco in
Canada
and
South America
. He holds a BSc. (1984) Degree in Geology from Acadia University, Nova Scotia.
Ms. Erin Ostrom
has been appointed to the position of Vice-President, Corporate Communications.
Ms. Ostrom
has worked in a communications and investor relations capacity for Fortuna Silver Mines and Radius Gold since 2007. She graduated from
Simon Fraser
University with a Bachelor of Arts in English Literature and Humanities in 1999. She then went on to graduate with honors from BCIT's Marketing Communications/Direct Response program. She will have responsibility for all aspects of Focus's communications strategy.
Mr. Ralph Rushton
has been appointed Vice-President, Corporate Development.
Mr. Rushton
holds a B.Sc. in geology from
Portsmouth
University in the UK, a Master's degree in economic geology from the University of Alberta, and a Certificate in Business Communications from
Simon Fraser
University. He has worked in business development and marketing for junior mining and exploration companies since 2003. He has 17 years' experience in mining and exploration, gained primarily working as a geologist for the Anglo American group in Southern
Africa
, the
Middle East
and Eastern
Europe
.
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in
Peru
. Led by an experienced technical team of geologists and consultants, Focus's strategy is to identify and acquire former producing mines or un-tested gold properties that show potential to become new mines. The Nueva California Property, Focus's first acquisition, lies 35km north of Barrick Gold's Pierina Mine, near the town of Huaraz and is currently a privately owned, operating gold silver mine. Focus is the first company to drill test the project area, with encouraging results from the 400 meter, first-pass drill campaign, and a second phase of drilling now in the planning and permitting stages.
The Company was recently listed on the TSX Venture Exchange, and currently has 19.3 million shares issued.
ON BEHALF OF THE BOARD
"David Cass"
David Cass, President
Contact: Erin Ostrom / Ralph Rushton
Symbol: TSXV-FCV
Shares Issued: 19.3-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of
Canada
accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the
United States
. The securities have not been and will not be registered under the
United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the
United States
or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information: on Focus Ventures Ltd., please call (604) 688-5288 or visit our web site www.focusventuresltd.com
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