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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 Dec 2, 2009
First Point Announces Revisions to the terms of the Private Placement of First Point Shares to Cliffs
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| | This news release, required by applicable Canadian laws, is not for
distribution to U.S. newswire services or for dissemination in the U.S.
Peter Bradshaw, Ph. D., P. Eng., President & CEO of First Point Minerals Corp (FPXV:TSXV) ("First Point" or the "Company"), has been advised by the TSX Venture Exchange (the "Exchange") that the pricing and size of the proposed private placement of First Point common shares to Cliffs Natural Resources Exploration Inc. ("Cliffs"), a wholly-owned subsidiary of international mining company Cliffs Natural Resources Inc., (see Press Release dated November 13, 2009) must be revised to conform with the Exchange's policies in respect to pricing and change of control matters.
First Point and Cliffs have agreed to reprice the private placement to $0.0975 per common share, and to restrict the offering to 15% (being 10,198,808 shares) of the Company's issued and outstanding common shares after giving effect to the private placement. The terms of the option agreement have been revised to provide that Cliffs can earn an initial 51% interest in a joint venture on the Decar property by spending US$4.5million on the property in four years, of which US$1million is a firm commitment in year one. First Point will manage the initial exploration activities.
The revised private placement, which is subject to acceptance by regulatory authorities, is expected to close on or before December 9, 2009.
First Point Minerals Corp is a Canadian base and precious metal exploration company focused on the Americas. For more information, please view the Company's website at www.firstpointminerals.com or phone Peter Bradshaw, President and CEO, or Ron Britten, Vice-President of Exploration, at (604) 681-8600.
FIRST POINT MINERALS CORP.
"Peter M.D. Bradshaw"
Peter M.D. Bradshaw, President - TSX Venture Exchange: FPX
Suite 906 -- 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604/681-8600
Fax: 604/681-8799
e-mail "firstpoint@firstpointminerals.com"
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. |
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| | You can view the Next News Releases item: Tue Dec 15, 2009, First Point Minerals Closes Private Placement Financing with Cliffs
You can view the Previous News Releases item: Fri Nov 13, 2009, First Point Options the Decar Nickel Iron Alloy Property to Cliffs Natural Resources Exploration Inc., and Announces Private Placement of First Point Shares to Cliffs
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