Focus Ventures Ltd. said March 6 that it will change its name to CROPS Inc., reflecting its focus on developing its majority-owned Bayovar 12 phosphate project in Peru.
The company also canceled its previously announced C$2 million private placement of units and will instead undertake a C$5 million convertible debenture private placement after a proposed share consolidation on the basis of 1 post-consolidation share for 4 pre-consolidation shares.
Pricing for the debenture financing will be determined after the share consolidation, and the proceeds will be used to repay a portion of the company's outstanding long-term loan owed to Sprott Resource Lending Partnership and for continued test work for developing phosphate products.
