Full Metal Announces $540,000 Private Placement Financing
Vancouver, BC — December 9, 2004; Full Metal Minerals Ltd. (“Full Metal”) (FMM: TSX-V) is pleased to announce that the Company has reached an agreement with Canaccord Capital Corporation to sell up to 1,200,000 Units of the Company at $0.45 per Unit on a commercially reasonable efforts basis. The private placement will raise gross proceeds of up to $540,000.
Each unit will consist of one common share and one half of one common share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.60 per share for a period of one year from closing. The Agent will receive a cash commission of 7% of the gross proceeds of the private placement and broker warrants equal to 10% of the number of Units sold in the private placement, each broker warrant is exercisable into one common share at a price of $0.50 for a period of one year from closing. The Agent will also receive a corporate finance fee in Units and an administration fee.
The proceeds of the private placement will be used for the Company’s exploration properties and for general working capital.
Full Metal currently has interests in nine gold and copper-gold properties in Alaska and Nunavut. Drilling is scheduled to commence on the Arcadia and Mac and Cache properties in the Spring of 2005 by Joint Venture partner, Garnet Point Resources (GRC: TSX-V). Drilling on the highly prospective Ganes Creek and Pebble South properties is scheduled to commence in the Summer of 2005.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams President and Director
Contact: Jeff Sundar
Manager, Investor Relations
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.