First Metals Inc. Clarifies Kaskattama Inc. News Release
October 23 2010 - 3:29PM
Marketwired
First Metals Inc. (TSX VENTURE: FMA.H) ("First Metals") has issued
this release to clarify statements made in a news release issued by
Kaskattama Inc. on October 22, 2010. In its release Kaskattama
referenced the fact that First Metals and Kaskattama previously
entered into a pre-merger agreement to complete an amalgamation
transaction. While this statement is in fact accurate and
consistent with First Metals' prior disclosure, what Kaskattama did
not disclose in its release is that it has failed to satisfy
certain conditions by the October 15, 2010 deadline set forth in
such agreement and that First Metals had notified Kaskattama that
as a result of this failure that such agreement was terminated.
While First Metals and Kaskattama have been in discussions
regarding an extension of this agreement, there is no assurance
that such an agreement will be successfully concluded.
In the meantime First Metals continues to review all of its
options including an orderly winding up of the company.
The statements made in this news release may contain certain
forward-looking statements. Actual events or results may differ
from the Company's expectations. Certain risk factors may also
affect the actual results achieved by the Company.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: First Metals Inc. Michael Churchill CEO (416) 594-3223
churchill.michael@gmail.com
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