Minfocus Exploration Announces Second Tranche Closing of Private Placement
TORONTO, ON--(Marketwired - July 13, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) ("Minfocus" or the "Company") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement of up to 10,000,000 units for gross proceeds of up to $250,000 (See June 21 2016 news release). The second tranche of the private placement closed subscriptions representing 5,380,000 units and proceeds of $134,500. The second tranche closing comprised subscriptions for $33,500 in non-flow-through units ("NFT Units") and $101,000 in flow-through units ("FT Units"). To date, a total of $219,500 in gross proceeds has been raised.
An Insider, Gerald Harper, President and CEO, who is also a Control Person of Minfocus under TSXV Policy, subscribed for 972,000 NFT Units and 428,000 FT Units representing a total of $35,000 of the second tranche proceeds. A finder's fee of $7,160 was paid on a portion of the second tranche subscriptions and 286,400 finder's warrants were issued at an exercise price of $0.10 per share, which are exercisable for a period of 24 months, subject to an Accelerated Exercise Provision.
The use of proceeds from the private placement will be used primarily by Minfocus to undertake a drilling program on its CORAL zinc project in British Columbia and to pay current trade payables and unrelated party overhead expenses. This private placement has received Conditional Acceptance from the TSX Venture Exchange, but remains subject to final acceptance by the Exchange. Additional Finders' Fees may be paid in accordance with TSXV policy upon further tranche closings.
Coral Zinc Project Initial Drilling Program
The Coral property has historic core drilling and trenching intersecting mineralized breccias containing zinc and lead values of up to 7.8% zinc, in carbonate rocks analogous to the Pine Point deposits. Minfocus has been granted a two-year Mines Act permit authorizing drilling at up to 10 drilling sites. Minfocus has contracted with a drilling company to mobilize a lightweight diamond drill to the property in order to minimize the environmental impact of the work.
The primary drilling target is the large (600m x 300m) zinc geochemical anomaly (15-50 times background zinc levels) with outcropping zinc mineralized brecciated dolostone at its edge. The target zinc anomaly is 100-150 metres from the historic drilling and trenching. For more details, see the Minfocus news release of October 19, 2015 and our website www.minfocus.com.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including zinc and nickel projects in British Columbia and a Platinum Group Element ("PGE") rich nickel project in N.W. Ontario. Minfocus has a management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq).
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont), a director of Minfocus.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain forward-looking statements concerning the future performance of the Company's business and operations as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as "may", "will", "might", "would", "plan", "believe", "expect", "anticipate", "intend", "estimate", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations, fluctuating commodity prices, delays in commencing the Company's proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Contact
For further information, please contact:
Gerald Harper
President & Chief Executive Officer
Phone: (416) 232-0025