FIRST METALS INC. COMPLETES SALE OF PROPERTIES
April 04 2011 - 8:00AM
PR Newswire (Canada)
TORONTO, April 4 /CNW/ -- TORONTO, April 4 /CNW/ - First Metals Inc
(FMA.H-NEX) (the "Corporation") announced today that pursuant to
its ongoing restructuring process that it has completed the
disposition of its Fabie Bay and Magusi River properties, together
with certain assets related thereto, for aggregate consideration of
$500,000 payable in common shares of Globex Mining Enterprises
(TSX:GMX) at a deemed issue price of $3.00 per share. The net
proceeds of this sale will be used to repay amounts owing to the
Corporation's secured noteholders. Some of the statements contained
in this release are forward-looking statements, such as estimates
and statements that describe the Corporation's future intentions,
plans, objectives or goals, including words to the effect that the
Corporation or management expects a stated condition or result to
occur. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially
from those currently anticipated in such statements. 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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/April2011/04/c8951.html
p For additional information, please contact Michael Churchill,
President and CEO, at (416) 594-3223 /p
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