Rouyn-Noranda, Québec, Canada, December 4, 2023 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce the launch of a private placement (the “Private Placement”) of up to 11,250,000 units (the “Units”) at a price of $0.04 per Unit, for aggregate gross proceeds to Fokus of up to $450,000. Each of the Units will be comprised of one common share and one common share purchase warrant (the “Unit Warrants”). Each Unit Warrant will entitle its holder to acquire one additional common share of Fokus at a price of $0.06 for a period of four years from the closing date.
Jean Rainville, President and CEO of Fokus stated: “We have to continue to expand our resource on Galloway by looking at extensions of the mineralized zones where a resource has been delineated and we have so many other targets that are yet to be tested on this large property.”
Fokus intends to use the proceeds from the Private Placement for a drilling program on its Galloway property located in the Province of Québec, for geological advisory services and for working capital purposes.
Below is a summary of the major categories applied to the gross proceeds as required by Policy 1.1 of the TSX Venture Exchange (the “Exchange”):
- 56% – Drilling program on the Galloway property;
- 7% – Geological advisory services;
- 7% – Management fees for services to be provided by insiders of Fokus; and
- 30% – Working capital.
None of the proceeds of any financing will be used for investor relations activities. No finder fees or commissions are expected to be paid in connection with the Private Placement.
Pursuant to applicable Canadian securities laws and in accordance with the Exchange policies, all securities issued under this Private Placement will be subject to applicable resale restrictions under applicable securities laws and to the Exchange hold period. The Private Placement remains subject to the approval of the Exchange.
About Fokus Mining
Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Québec, Canada. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.
The Galloway project covers an area of 2865.54 hectares and is located just north of the Cadillac-Larder Lake deformation which extends laterally for more than 100 km. Numerous gold deposits are related to that structure and its subsidiaries. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Email: jrainville@fokusmining.com
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Caution Regarding Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of the Company, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement or the result of, or benefits the Company will obtain from such exploration work or if it does, from any exploration works or drillings to be conducted on Fokus’ Galloway property or if it does. Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk and Uncertainties” and “Financial Risk Management Objectives and Policies” in the Company’s Annual Report for the fiscal year ended December 31, 2022, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.