Canadian Warrants - Formation Metals Inc

Formation Metals Inc

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Address: 1730 - 999 Hastings St W Vancouver BC V6C 2W2
Phone: 604 682 6229
Fax: 604 682 6205
Website: http://www.formationmetals.com

Warrant Symbol - FCO.WT
Number Trading - 26,666,667
Expiration Date - May 8, 2013
Cusip -
Exercise Price - $2.00

Warrants Called to Trade News:

Formation Metals to list 26.66 million warrants on TSX

2011-03-08 17:04 MT - Warrants Called to Trade
Formation Metals Inc.'s 26,666,667 warrants will begin trading on the Toronto Stock Exchange at the open on Thursday, March 10, 2011, according to the TSX. As in a March 2, 2011, short form prospectus, Formation is issuing the warrants pursuant to a private placement of units. Each unit consists of one common share and one-half warrant. Each warrant entitles the holder to buy one common share of the company at $2 for 36 months.

Formation Metals completes $80-million financing

2011-03-10 07:09 MT - News Release
Formation Metals Inc. has completed the equity financing reported in Stockwatch on Jan. 27, 2011, in the full amount for gross proceeds of $80-million. The financing was sold in all of the provinces of Canada, except Quebec, and certain offshore jurisdictions and consists of units priced at $1.50 per unit. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share for 36 months at a price of $2. The company's common shares currently trade on the Toronto Stock Exchange under the symbol FCO and the warrants have been approved for listing on the Toronto Stock Exchange under the symbol FCO.WT.

The company plans to use the proceeds of the financing to finance the continuation of engineering, procurement and construction at the Idaho cobalt project, for reclamation bonding requirements, and for general corporate purposes. "We are

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pleased this financing is in place," stated Mari-Ann Green, chief executive officer of Formation Metals. "For the past several years we have worked hard building infrastructure, obtaining all the necessary environmental permits and procuring long-lead-time mining equipment. We are now in a position to advance the project towards production."

The financing was conducted on a best-efforts agency basis by a syndicate co-led by Byron Securities Ltd. and Cormark Securities Inc. and including Jennings Capital Inc. The agents have been granted an option, exercisable at any time for a period of 30 days, to purchase additional units equal to 15 per cent of the number of units sold pursuant to the offering at the issue price of the units, to cover overallotments, if any, and for market stabilization purposes.

In consideration for the services to be rendered by the agents under the offering, the agents have received a cash commission of 6 per cent of the gross proceeds of the offering. The agents have also received broker warrants to purchase a total number of common shares equal to 6 per cent of the number of units issued under the offering, at a purchase price of $1.50 for a period of 24 months.

The company also announces that it has agreed to repay the balance owing on the $8-million unsecured convertible debenture issued to Coalcorp Mining Inc. on May 7, 2010. The debenture will be repaid through a mutually agreed to cash and share settlement.