Vancouver, March 4, 2019 - First Division Ventures Inc. (CSE: FDIV) (the "Company" or "First Division") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") with the issuance of 6,017,000 units (each, a "Unit") for gross proceeds of $1,504,250.
Each Unit is comprised of one common share of the Company (a "Unit Share") and one transferable common share purchase warrant of the Company (a "Warrant") which entitles the holder to purchase one additional common share (a "Warrant Share") at a price of $0.50 (the "Exercise Price") per Warrant Share until September 4, 2020.
The Company paid aggregate finder's fee of $72,675 and issued 322,620 compensation warrants (the "Compensation Warrants") to certain finders under the Financing. The Compensation Warrants have the same terms as the Warrants but are not transferable.
The Company intends to use net proceeds from the Financing to fund obligations related to the Assignment and Property Option Agreement recently entered into with Geoxplor Corp. under which the Company holds the option to acquire a 100% interest in the Temple Mountain Vanadium Property located in Emery County, Utah, USA.
All securities issued pursuant to the Private Placement are subject to a four month hold period until July 5, 2019.
About the Company
First Division Ventures Inc. is a junior mineral exploration company engaged in the business of acquiring, exploring and evaluating natural resource properties. The Company has an option to acquire a 50% interest in the Fish Lake property, consisting of 81 lode mineral claims located in Esmeralda County in the state of Nevada, USA. First Division Ventures has also Optioned a 100% interest of the Temple Mountain Vanadium property, consisting of 52 Lode claims located in South-East Utah. Temple Mountain is located in the historically Vanadium/Uranium rich Colorado Plateau.
Michael Mulberry
Chief Executive Officer, President and Director
Telephone: (778) 855-5001
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the expected use of the net proceeds from the Private Placement. Information inferred from the interpretation of drilling and other sampling results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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