(MENAFN- ProactiveInvestors - N.America) Peru-focused mining company Focus Ventures Ltd (CVE:FCV) has completed its private placement raising just over a quarter of a million dollars.
Units comprising one share and one warrant (convertible into one share) were placed at $0.065 per unit.
The funds raised will be used for general working capital purposes.
Focus is developing the Bayovar 12 phosphate deposit located 40 kilometres from the coast in the Sechura district of northern Peru. Bayovar 12 hosts a large resource of highly-reactive sedimentary phosphate rock useful for providing a key ingredient in fertilizers. Reactive phosphate rock from Sechura is a natural slow-release source of phosphorus that can be applied directly to crops Focus said. The company aims to supply direct application phosphate rock to the nearby agricultural regions of South and Central America the fastest growing fertilizer market in the world.
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