Focus Gold Corp's Wholly Owned Subsidiary Focus Celtic Gold Announces the Closing of a $300,000 Convertible Debenture
(firmenpresse) - RENO, NV -- (Marketwire) -- 02/23/12 -- Focus Gold Corp. (or "Focus") (OTCQB: FGLD) (OTCBB: FGLD) is pleased to announce the closing of a non-brokered sale of a convertible debenture for $300,000 by its wholly owned subsidiary Focus Celtic Gold (or "Celtic"). The debenture holder would own approximately 5% of Celtic upon conversion.
Proceeds of this financing will be used for general working capital and exploration on Focus Celtic's massive claims totaling over 385,000 hectares spread across three countries in Europe: Scotland, Ireland, and Northern Ireland. A portion of the funds are earmarked to complete a 43-101 technical report which is a requirement for listing on a major exchange such as the TSX-Venture Exchange.
Grant White, CEO of Focus commented:
"This financing allows us to start moving forward on the assets acquired in the previously announced Metallum acquisition. What's more is that having funded at the subsidiary level, versus at the Focus Gold Corp. level, we are not diluting shareholders of FGLD at these prices. We have accumulated some very good mining assets over the past 15 months and the board does not feel the value of these assets is properly reflected in our stock price at this time. As such we continue to pursue ways of accessing capital to develop our assets and avoid unnecessary dilution. We will continue to evaluate all strategic alternatives such as funding individual assets depending on prevailing conditions."
Focus would also like to update Shareholders on the sale of the Mine Dumps at the Huicicila, Mexico project announced at the end of 2011. The closing has been delayed due to several administrative issues, but Management is hopeful the transaction will be closed shortly as the private buyer is motivated to complete the transaction in the coming weeks.
Focus Gold acquires and develops gold mining projects around the world. Focus Gold's current projects include: multiple Nayarit, Mexico claims with a copper-gold porphyry system through the company's wholly owned subsidiary Focus Gold Mexico Corp.; two properties in the Timmins Mining District in Canada through an option agreement with Victoria Gold; and the recently closed acquisition of Metallum Resources PLC, holder of exploration licenses in Northern Ireland, Republic of Ireland and Scotland through the company's wholly owned subsidiary, Focus Celtic Gold Corp.. For further information please visit .
Grant White
CEO
Tyler M. Troup
B.Comm
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Datum: 23.02.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 117764
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