First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) has received approval from the TSX Venture Exchange to extend the term of the warrants, which would have otherwise expired on April 26, 2012.
A total of 7,500,000 warrants were originally issued in connection with a private placement of First Point units on April 26, 2010. Those warrants had an expiry date of April 26, 2012. During the year ended April 26, 2011, 3,537,100 warrants were exercised at $0.65 per share, leaving a balance of 3,962,500 warrants outstanding, exercisable at $0.80 per share with the April 26, 2012 expiry date. The expiry date has been extended by a full year, such that the 3,962,500 warrants will now expire on April 26, 2013, with each warrant entitling the holder to purchase one common share of the Company at $0.80 per share.
The warrants when originally issued contained a provision whereby the expiry date could be accelerated under certain circumstances. That provision continues to apply to the 3,962,500 warrants with the extended expiry date. If the closing price of the Company’s shares equals or exceeds $1.10 per share for a period of 20 consecutive trading days, the Company will have the right to accelerate the expiry date of the warrants by giving 30 days written notice to the warrant holders.
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company. For more information, please view the Company’s website at www.firstpointminerals.com or contact Jim Gilbert, President and CEO, or Rob Robertson, VP Corporate Development, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Jim Gilbert, President and CEO – TSX Venture Exchange: FPX
Suite 906 — 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604.681.8600 Fax: 604.681.8799
e-mail: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.