Rouyn-Noranda, Quebec, Canada, July 4, 2023 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce the results of its annual meeting of shareholders held on June 29, 2023, in Rouyn-Noranda, Quebec. At the meeting, Fokus shareholders re-elected Jean Rainville, Sylvain Champagne, Gilles Laverdière, Marc-André Lavoie, Ciro Cucciniello, Steve Duchesne and Jean-David Moore as directors of Fokus. Following the meeting, Fokus Board of Directors re-appointed Jean Rainville as President and Chief Executive Officer and Sylvain Champagne as Corporate Secretary and Chief Financial Officer of the Company.
At the Meeting, Fokus shareholders also approved resolutions (i) appointing Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, as the auditor of Fokus, and (ii) ratifying, approving and confirming Fokus’ stock option plan.
Fokus also announces that its Board of Directors has granted, subject to regulatory approval, including of the TSX Venture Exchange, stock options in respect of 2,410,000 common shares to Fokus’ seven Directors and one consultant. The options were granted pursuant to Fokus stock option plan. The exercise price of the options is $0.08, which is higher of the closing price of Fokus common shares on the TSX Venture Exchange on Friday June 30, 2023. The options vest immediately and will expire in five years for the options granted to Directors and will expire in two years for the options granted to the consultant.
Also, the Company shall, acting in the best interests of all of its stakeholders, for proper risk management and subject to prevailing market conditions, consider at the opportune time(s), selling an appropriate number of shares currently owned in Mosaic Minerals Corp.
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
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 obtained, if any, from any exploration works conducted on its Galloway property. 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.