Rouyn-Noranda, Québec, Canada, June 29, 2023 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce that it has completed a second and final closing of a non-brokered private placement in which it issued a further 1,010,000 units (the “Units”) at a price of $0.08 per Unit, for aggregate gross proceeds to Fokus of $80,800. Each of the Units is comprised of one common share and one common share purchase warrant (the “Unit Warrants”). Each Unit Warrant entitles its holder to acquire one additional common share of Fokus at a price of $0.12 for a period of three years from the closing date. Fokus intends to use the proceeds from the Units for exploration of its Galloway property located in the Province of Québec and for working capital purposes.
As a result of the second and final closing of the private placement, there are 105,528,793 common shares of Fokus issued and outstanding.
Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on October 30, 2023. In total, Fokus issued 4,075,000 Units and 985,000 FT Units in the first and second tranches of the private placement.
The private placement remains subject to the final approval of the TSX Venture Exchange.
In other news, the drill campaign that was to begin earlier on the RB Zone of the Galloway Project (see press release dated June 14th , 2023) and was delayed because of the forest fires will finally begin tomorrow.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
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.