On March 10, 2011, Formation Metals Inc. (TSX:FCO) announced that it had completed the equity financing announced on January 27, 2011 in the full amount for gross proceeds of $80 million. The financing was sold in all of the provinces of Canada, except Québec, and certain offshore jurisdictions and consists of Units priced at $1.50 per Unit. Each Unit is comprised of one common share in the capital of Formation (a "Common Share") and one half of one Common Share purchase warrant. Each whole Common Share purchase warrant (a "Warrant") will entitle the holder to purchase one Common Share for 36 months at a price of $2.00. Formation's Common Shares currently trade on the Toronto Stock Exchange under the symbol "FCO" and the Warrants have been approved for listing on the Toronto Stock Exchange under the symbol "FCO.WT". The financing was conducted on a best efforts agency basis by a syndicate co-led by Byron Securities Limited and Cormark Securities Inc. and including Jennings Capital Inc.Formation plans to use the proceeds of the Financing to fund the continuation of engineering, procurement and construction at its Idaho Cobalt Project, for reclamation bonding requirements and for general corporate purposes. Formation was advised in this transaction by Fasken Martineau with a team that included Chuck Higgins, Ron Nobrega, Georald Ingborg, Jessica Catton and Samir Murji.