(MENAFN- ProactiveInvestors - N.America) Canada-focused First Point Minerals Corp (TSE:FPX) has brought in C$630000 gross from an oversubscribed private placing which will be used for working capital.
The group told investors it had expanded the originally announced private placement last month to 12.8mln shares issued from 11.4mln earlier.
The shares issued were priced at priced at $0.05 each.
"The proceeds raised from the offering will be used by the company for general working capital purposes" the firm told a brief statement.
The firm's flagship Decar project in British Columbia is a discovery of nickel in the form of a naturally occurring nickel-iron alloy which is a promising target for bulk-tonnage open-pit mining.
Initial metallurgical test work showed that the nickel-iron alloy is recoverable using conventional two-stage grinding and magnetic separation followed by gravity concentration - and does not require chemical reagents.
In December last year Trevor Rabb was appointed as the firm's Vice-President Exploration after Ron Britten stepped down.
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