Timester,
Things have been quiet on the SI network for Formation. Ran across this announcement on their webpage.
NEWS RELEASE - January 7, 1999
$500,000 PRIVATE PLACEMENT
Vancouver, BC, January 7, 1999, Formation Capital Corporation (FCO-TSE) announces that it has received proceeds of $500,000 from the Private Placement of 1,250,000 units at a price of $0.40 per unit. Each unit is comprised of one share and one warrant which entitles the purchaser to acquire an additional share at a price of $0.40 for a period of eighteen months. The shares are to be issued on a private placement basis and are subject to a minimum hold period of four months. The Private Placement is subject to regulatory approval to which end the Company has filed a Notice of Placement with the Toronto Stock Exchange.
Formation Capital Corporation has recently received the pre-feasibility study, managed by Mine Development Associates of Reno Nevada which concluded that the Company's 100% owned Sunshine cobalt project in Idaho is economic. Cobalt has a strong demand profile as uses grow in the metal alloy business, hybrid batteries, catalysts and numerous other applications.
Consumption of cobalt is expected to double over the next 15 years. The Company trades on the Toronto Stock Exchange under the symbol FCO and has 14.7 million shares outstanding.
ON BEHALF OF THE BOARD
"Mari-Ann Green"
Mari-Ann Green, Chairman
Let me know what you think.
Regards,
Mike Benson |
