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906-1112 W. Pender St.
Vancouver, B.C. V6E 2S1
Telephone: 604-681-8600
Toll Free: 1-866-FPM-8601
Fax: 604-681-8799
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| |   Wed May 17, 2000
FIRST POINT REVISES TERMS OF ONE MILLION DOLLAR FINANCING.
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| | Further to its news release of April 6, 2000, First Point Minerals Corp. announces that has amended the terms of its offering of units under a Short Form Offering Document dated April 10, 2000. The amendments are intended to facilitate compliance with British Columbia Securities Commission Blanket Order 99/2 as it relates to the maximum allowable proceeds under a short form offering. Specifically, First Point has modified the initial 2,800,000 unit offering and will limit the Short Form Offering to a maximum of 1,800,000 units at $0.35 which consists of one common share and one non-transferable share purchase warrant. Two purchase warrants will entitle the holder to purchase one additional common share for a period of two years, at a price of $0.40 per share in the first year and at $0.50 per share in the second year. This will realize gross proceeds of $630,000 on the sale of the units and a further $360,000 if all the warrants are exercised in the first year.
First Point also announces a private placement of an additional 1,142,857 units at $0.35 for total proceeds of $400,000. Each unit will consist of one common share and one non-transferable share purchase warrant. Two purchase warrants will entitle the holder to purchase one additional common share for a period of two years, at a price of $0.40 per share in the first year and at $0.50 per share in the second year.
The funds raised will be used for a drilling programme on the company's Cacamuya epithermal gold/silver property in Honduras. The initial phase of drilling will be focused on two epithermal veins where five of 6 holes drilled to date had intersections ranging between 6.8 to 105 grams/tonne gold and 64 to 4,400 grams/tonne silver over 1.6 to 6.6 meters.
First Point's shares trade on the CDNX exchange under the symbol FPX.
For further information please contact:
Peter M.D. Bradshaw, President and CEO, at (604) 681-8600
Bill Trenaman, Investor Relations, at (604) 681-8600
or refer to the Company's web site "www.firstpointminerals.com"
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CDNX SYMBOL: FPX
Suite 2170 - 1050 West Pender St., Vancouver, BC Canada
V6E 3S7
Telephone (604) 681-8600 Fax (604) 681-8799 |
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| | You can view the Next News Releases item: Wed Jun 14, 2000, FIRST POINT MINERALS DISCOVERS NEW GOLD-SILVER TARGET AT CACAMUYA PROJECT, HONDURAS
You can view the Previous News Releases item: Mon May 1, 2000, First Point Minerals Announces New Results on their Cacamuya Gold/Silver Property, Honduras.
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