October 26, 2015 - Elysee Development Corp. (TSX.V: ELC) (the “Company”) announces that it has agreed to subscribe for 6 million units of a private placement of 16 million units at $0.125 per unit announced by Focus Ventures Ltd. (TSX.V: FCV) on October 19, 2015. Each unit will consist of one common share and one warrant, with each warrant entitling the holder to purchase one additional common share of the Company for five years from closing at $0.15 per share in the first, second and third years, and at $0.20 per share in the fourth and fifth years. This private placement is subject to acceptance for filing by the TSX Venture Exchange on behalf of the Company and Focus and will be used by Focus to fund the ongoing exploration and development activities at its Bayovar 12 phosphate project in Peru and general working capital purposes. It is also a condition of the private placement that Focus raise at least $1 million from investors other than the Company. For more information regarding the private placement and Focus, please refer to Focus’ news releases of October 19, 2015.
The $750,000 to be invested by Elysee in Focus Ventures in this private placement will form part of the additional investments of approximately $1,425,000 that Elysee is required to complete in order to comply with section 2.5 of TSX Venture Exchange policy 2.1 and receive final approval for its recently announced proposed Change of Business from a “mining issuer” to an “investment issuer”. For more information, please refer to our news release of October 19, 2015.
FOR FURTHER INFORMATION, PLEASE CONTACT:
President & Chief Executive Officer
Elysee Development Corp.
Tel: (604) 689-1749
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding completion of the proposed private placement with Focus, the use of proceeds of the private placement and completion of the Proposed COB. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.