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Message: Closes Oversubscribed $8.56 Million Financing

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Closes Oversubscribed $8.56 Million Financing

posted on Apr 29, 09 12:29PM

April 29, 2009

Formation Closes Oversubscribed $8.56 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2009) - Formation Capital Corporation (Formation) (TSX:FCO) (the "Company") is pleased to announce that, further to its news release of April 03, 2009, it has successfully completed an $8,562,500 non-brokered private placement financing.

The Company closed the private placement of 34,250,000 Units at a price of $0.25 per Unit (the "Offering"). Each Unit was comprised of one common share and one-half of one transferable common share purchase warrant, each whole common share purchase warrant entitling the purchase of one common share of the Company at a price of $0.40 per share until May 02, 2011, subject to the Company's right to accelerate the expiry date as described in the Company's April 03, 2009 news release (the "Acceleration Right"). The Company paid Finder's Fees of $108,015 in relation to the Offering, and issued non-transferrable Finder's Warrants entitling the purchase of up to 329,420 common shares of the Company at a price of $0.40 per common share until May 02, 2011, subject to the Acceleration Right.

The common shares and warrants issued in connection with the Offering have not been registered under the United States Securities Act of 1933, as amended, and may not be sold or offered for sale in the United States or otherwise distributed in the United States, except in reliance on available registration exemptions.

Proceeds from the private placement are intended to be used for general corporate purposes and working capital of the Company.

Formation Capital Corporation is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. The Company trades on the Toronto Stock Exchange under the symbol FCO.

Formation Capital Corporation

Mari-Ann Green, C.E.O.