FOKUS MINING ANNOUNCES SECOND AND FINAL CLOSING OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
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ROUYN-NORANDA, QC, June 23, 2022 /CNW/ – 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 its previously announced non-brokered private placement. The Company issued in this second tranche (i) 2,500,000 units (the “Units“) at the price of $0.08 per unit, for a total gross proceeds accruing to the company from $200,000and (ii) 2,500,000 “flow-through” units (the “FT units“) at the price of $0.10 per FT Unit, for a total gross proceeds for the Company of $250,000.
Each of the units is composed of one common share and one common share purchase warrant (the “Unit Warrants“) and each of the FT Units is comprised of one “flow-through” common share and one-half common share purchase warrant (together with the Unit Warrants, the “Mandates“). Each warrant entitles its holder to acquire one additional ordinary share of the Company at the price of $0.12 until June 23, 2024.
The Company intends to use the proceeds of the FT Units for the exploration expenses of its Galloway property located in the province of Quebec and the proceeds of the units for working capital purposes.
In connection with the private placement, the Company paid a finder’s fee to Mine Equities Ltd., an exempt market dealer (“Mining stocks“) the amount of $15,000. In addition, the Company has issued warrants to Mine Equities entitling it to acquire up to 150,000 additional common shares of the Company at a price of $0.12 per share up to June 23, 2024.
Following this second and final closing of the private placement, there are 81,504,087 common shares of the Company issued and outstanding. Under applicable securities laws, the securities issued under the private placement are subject to a four-month hold period, expiring on October 24, 2022.
Fokus Mining Corporation is a mineral resource company that actively acquires and explores precious metal deposits located in the province of Quebec, Canada. By implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of Galloway gold project.
The Galloway project covers an area of 2865.54 hectares and is located just north of the Cadillac-pantry lake deformation that extends laterally for more than 100 km. Many gold deposits are linked to this structure and its subsidiaries. Ongoing work is focused on a small western portion of the mining concessions where several mineral occurrences have been identified. For more information visit our website: fokusmining.com.
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Caution Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “have the intention to”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information due to regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes in the Company’s strategic growth plans and other factors, many of which are beyond the Company’s control. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that such expectations will prove to be correct and undue reliance should not be placed on such forward-looking information. Any forward-looking information contained in this press release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCEFokus Mining Corporation
For further information: Jean Rainville, President and Chief Executive Officer, Tel. : (514) 918-3125, Fax. : (819) 762-0097, Email: [email protected]