VANCOUVER, BRITISH COLUMBIA, Apr 26, 2010 — Peter M.D. Bradshaw, Ph.D., P. Eng., President and Chief Executive Officer of First Point Minerals Corp. is pleased to announce that on April 26, 2010, First Point closed (the “Closing Date”) its previously announced non-brokered private placement consisting of 15,000,000 units (“Units”) at a price of $0.50 per Unit, for gross proceeds to the Company’s treasury of $7,500,000. Each Unit consisted of one common share (“Share”) and one-half of one common share purchase warrant. Each whole warrant (“Warrant”) is exercisable into one additional common share (a “Warrant Share”) at a price of $0.65 per Warrant Share until the first anniversary of the Closing Date and at a price of $0.80 per Warrant Share thereafter until the Warrants expire on the second anniversary of the Closing Date.
In the event that the Company’s common shares trade at a closing price on the TSX Venture Exchange of greater than $1.10 per share for a period of 20 consecutive trading days at any time after four months and one day after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
In accordance with securities regulations currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a “hold” period that expires on August 27, 2010.
The funds raised will be used to finance further exploration of the Company’s nickel alloy properties in British Columbia and Oregon and to expand the search for similar properties in other geographic areas and to fund a drilling program at the Company’s Corralitos gold property in Mexico and for working capital.
Six of the Company’s directors and officers participated in the financing, subscribing for an aggregate of 260,000 Units.
Fees paid to certain arm’s-length individuals who introduced subscribers to the Company consisted of cash equal to 6% of the amounts received from such subscribers, together with finders’ warrants (“Finders’ Warrants”) equal to 6% of the Units issued to such subscribers. Aggregate payments to finders were $262,050 and 262,050 Finders’ Warrants. The terms applicable to the Finders’ Warrants are identical to the terms applicable to the Warrants.
First Point Minerals Corp. is a Canadian base and precious metal exploration company.
On behalf of First Point Minerals Corp.
Peter Bradshaw, Ph.D., P. Eng., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
