First Metals Inc.

First Metals announced today that pursuant to its ongoing restructuring process that it has completed the disposition of its Fabie Bay and Magusi River properties, together with certain assets related thereto, for aggregate consideration of $500,000 payable in common shares of Globex Mining Enterprises at a deemed issue price of $3.00 per share [...]

First Metals announced today that pursuant to its ongoing restructuring process that it has executed an agreement for the disposition of its Fabie Bay and Magusi River properties, together with certain assets related thereto, for aggregate consideration of $500,000 payable in common shares of Globex Mining Enterprises at a deemed issue price of [...]

First Metals announced today that pursuant to its ongoing restructuring process that it has executed an agreement for the disposition of certain of its heavy equipment for total cash proceeds of $1,100,000. The completion of the sale, which is to be made through a receiver being appointed by the Corporation's secured creditors, is expected to close [...]

First Metals announced today that holders of its outstanding 5% secured notes have approved a resolution directing the company to proceed with the sales of the Corporation's Fabie Bay and Magusi River properties in Quebec as well as certain heavy equipment. Pursuant to the resolution the net proceeds from such sales will be paid to the note [...]

First Metals announced today that it has terminated its previously disclosed discussions with Kaskattama Inc. regarding a proposed business combination. The Corporation is currently reviewing various alternative methods in which to restructure its operations and to eliminate its currently approximate outstanding $2,800,000 interest and principal [...]

First Metals has issued this release to clarify statements made in a news release issued by Kaskattama Inc. on October 22, 2010. In its release Kaskattama referenced the fact that First Metals and Kaskattama previously entered into a pre-merger agreement to complete an amalgamation transaction. While this statement is in fact accurate and [...]

First Metals is pleased to announce that the Company, with the approval of its Board of Directors, has entered into an amended and re-stated pre-merger agreement with Kaskattama which contemplates the merger of the Company and Kaskattama. Kaskattama is a Canadian controlled private company based in Toronto, Ontario, involved in the investment in [...]

First Metals today announced that the Corporation has received a forbearance from the majority of bond holders until November 1st, 2010 allowing debt restructuring discussions to progress and continued discussions with Kaskattama Inc. An interest payment of $130,900 due August 31st, 2010 will not be made by the Corporation which will put the [...]