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Focus Ventures names new president, plans C$4M placement

Focus Ventures Ltd. said Jan. 25 that it named Gordon Tainton as its new president to succeed David Cass, who stepped down from the post after serving as president since 2008.

Tainton, currently an executive director of Grange Mining plc and a director of NEOS Resources plc, was also added to Focus' board. Cass will also remain as a Focus director and will continue to provide consulting services to the company.

The company also announced that it is undertaking a private placement to raise up to C$4 million, comprising 80 million units priced at 5 cents apiece. Each unit will include 1 common share and 1 warrant, exercisable at 10 cents per share for five years.

Focus will put the proceeds toward engineering and marketing for its 70%-owned Bayovar 12 phosphate property in Peru, as well as for general working purposes.