FORMATION CAPITAL CORPORATION- $900m in Cobalt finds Message Board

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Gold/Mining/Energy : FORMATION CAPITAL CORPORATION- $900m in Cobalt finds

FCO 9.420

+0.1%

Aug 6 5:00 PM EST

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To: Bannick who wrote (66)	3/31/1999 1:21:00 AM
From: baystock	of 87

A lot more share dilution in the works. The company must be desperate for cash: Monday March 29, 9:37 am Eastern Time Formation Capital placement (Full text of press release from Canada NewsWire) Formation Capital Corporation announces $1,000,000 private placement VANCOUVER, March 29 /CNW/ - Formation Capital Corporation (FCO-TSE) announces today that it has filed a Notice of Placement with the Toronto Stock Exchange for a $1,000,000 private placement comprised of 4,000,000 units at a price of $0.25 per unit. Each unit consists of one share and one warrant which entitles the purchaser to acquire an additional share at a price of $0.25 for a period of six months, and thereafter for six months at a price of $0.50. Proceeds are allocated for the further development of the Company's Sunshine cobalt / copper / gold deposit in Idaho and for working capital. The Private Placement is subject to regulatory approval. Formation Capital Corporation has completed a 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. The price of cobalt has tripled recently back to a price range of between US$18 and $20 per pound. 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 15.9 million shares outstanding. ON BEHALF OF THE BOARD Mari-Ann Green'' ------------------ Chairman

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