Communicators
are winners!
News
09.12.2010
FOUNDATION RESOURCES INC. INCREASES BROKERED PRIVATE PLACEMENT TO $3,391,160
FOUNDATION RESOURCES INC. INCREASES BROKERED PRIVATE PLACEMENT TO $3,391,160
Vancouver B.C. December 7, 2010: Foundation Resources Inc. (TSXV:FDN) (FDN: TSX.V and 52F: Frankfurt) ["Foundation" or the "Company"] is pleased to announce that, further to its press release dated November 18, 2010 announcing a brokered private placement (the "Offering") to be conducted through a syndicate led by Fraser Mackenzie Limited including BayFront Capital Partners Ltd. and Secutor Capital Management Corporation (the "Agents"), it has increased the size of the Offering pursuant to an over-allotment option granted to the Agents. The Offering will consist of up to 8,222,500 flow through units ("FT Unit") at a price of $0.34 per FT Unit and up to 1,921,000 units ("Units") at a price of $0.31 per Unit for aggregate gross proceeds of $3,391,160 (the "Offering"). Each FT Unit shall consist of one common share to be issued on a flow through basis and one-half of one common share purchase warrant ("Warrant"). Each Unit shall be comprised of one common share and one Warrant. Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company at a price of $0.45 for a period of 24 months following the closing of the Offering.
As previously disclosed, the proceeds from the sale of the FT Units will be used for exploration for Foundation's properties and the proceeds from the sale of the Units will be used for general working capital purposes. The Offering is scheduled to close on or about December 10, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold properties in Canada and Mexico. Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada. The San Rafael property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
Forward Looking Statement:
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission. Specifically, completion of the private placement of up to $3,391,160 is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the private placement will be completed as proposed or at all. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information contact:
Rain Communications
Nelson Da Silva Tel: 604-648-0523 (direct)
Ralph Biggar Tel: 604-306-2525 (direct)
Not for distribution to United States Newswire Services or for dissemination in the United States
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3504761071">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3504761071</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
Vancouver B.C. December 7, 2010: Foundation Resources Inc. (TSXV:FDN) (FDN: TSX.V and 52F: Frankfurt) ["Foundation" or the "Company"] is pleased to announce that, further to its press release dated November 18, 2010 announcing a brokered private placement (the "Offering") to be conducted through a syndicate led by Fraser Mackenzie Limited including BayFront Capital Partners Ltd. and Secutor Capital Management Corporation (the "Agents"), it has increased the size of the Offering pursuant to an over-allotment option granted to the Agents. The Offering will consist of up to 8,222,500 flow through units ("FT Unit") at a price of $0.34 per FT Unit and up to 1,921,000 units ("Units") at a price of $0.31 per Unit for aggregate gross proceeds of $3,391,160 (the "Offering"). Each FT Unit shall consist of one common share to be issued on a flow through basis and one-half of one common share purchase warrant ("Warrant"). Each Unit shall be comprised of one common share and one Warrant. Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company at a price of $0.45 for a period of 24 months following the closing of the Offering.
As previously disclosed, the proceeds from the sale of the FT Units will be used for exploration for Foundation's properties and the proceeds from the sale of the Units will be used for general working capital purposes. The Offering is scheduled to close on or about December 10, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold properties in Canada and Mexico. Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada. The San Rafael property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
Forward Looking Statement:
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission. Specifically, completion of the private placement of up to $3,391,160 is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the private placement will be completed as proposed or at all. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information contact:
Rain Communications
Nelson Da Silva Tel: 604-648-0523 (direct)
Ralph Biggar Tel: 604-306-2525 (direct)
Not for distribution to United States Newswire Services or for dissemination in the United States
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3504761071">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3504761071</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.