|January 15, 2009|
Focus Ventures Completes Financing and Debt Settlement / Grants Options / Appoints New Officers
|January 15, 2009: Focus Ventures Ltd. is pleased to announce that it has closed its previously announced non-brokered private placement of $500,000 by issuing 3,333,330 units at a price of $0.15 per unit. The Company paid $25,705 cash and issued 78,633 units and 333,333 warrants as finders' fees in connection with the financing. Focus has also settled $75,000 of debt by issuing 500,000 units at a deemed price of $0.15 per unit.|
Each private placement and debt settlement unit consists of one common share and one share purchase warrant. All warrants issued entitle the holder to purchase an additional common share exercisable for one year at a price of $0.15. As a result of the foregoing transactions, the issued capital of the Company is now 10,733,709 common shares, and the private placement shares and warrants have a resale restriction until May 15, 2009.
Focus also announces that it has granted incentive stock options to its directors, officers, employees and consultants to purchase up to an aggregate of 1,050,000 common shares exercisable for 10 years at a price of $0.19 per share.
Early Warning of Security Holder of Focus Ventures in Excess of 10%
As a result of the transactions described above, Mario Szotlender, of Caracas, Venezuela, has acquired 500,000 common shares of Focus (being 4.7% of the issued capital), 500,000 warrants and 100,000 stock options. Mario Szotlender now owns 1,836,623 shares or 17.1% of the issued shares of Focus Ventures, and assuming the full exercise of his warrants and option, he would own an aggregate of 2,436,623 shares, or 21.5% of the issued and outstanding shares of the Company.
The shares, warrants and stock options were issued to Mr. Szotlender, a Director of Focus, pursuant to the exemption in section 2.5 of NI 45-106, Prospectus and Registration Exemptions. The Company has been advised by Mr. Szotlender that he acquired the securities for investment purposes and may from time to time increase or decrease its ownership of any of the Company's securities through market transactions, exercise of warrants or options or otherwise. For further information or to obtain a copy of the early warning report filed in connection with the above, please contact Mario Szotlender at 604-688-5288.
Board of Directors and Officers
Focus also announces that Mario Szotlender has stepped down as President, CEO and CFO of the Company, and that David Cass has been appointed as President, CEO and a director, and Kevin Bales has been appointed Chief Financial Officer.
Mr. Cass has a BSc (Hons) Degree in Geology and a MSc degree in Mineral Exploration and Mining Geology, and 20 years' international exploration and mining industry experience in many countries including the Americas, Australia, Turkey, Iran, South Africa and Eastern Europe. He spent 15 years with Anglo American, including 6 years as Exploration Manager of North America, and 4 years managing Anglo's programs in Peru. Mr. Cass is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a Fellow of the Society of Economic Geologists.
Mr. Bales graduated in 1991 from the University of Lethbridge with a Bachelor of Management degree and a major in accounting. He has 15 years of financial reporting experience in the information technology and mining industries and has recently served as CFO for several public junior exploration companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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