Fokus Mining Corporation Announces Closing Of Small Private Placement
ROUYN-NORANDA, April 4, 2024 - Fokus Mining Corp. ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has held the closing of a small non-brokered private placement by issuing 3,000,000 units (the "Units") at a price of $0.05 to five investors, for aggregate gross proceeds to Fokus of $150,000. Each Unit consists of one common share of Fokus and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of Fokus at a price of $0.06 for a period of three years from the closing date. Proceeds will be allocated to general working capital purposes. In connection with the private placement, the Company did not pay any commission or finder's fee and no insiders participated in the placement. Following the private placement, there are 125,309,460 common shares of Fokus issued and outstanding. Under applicable legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on August 5, 2024.
The private placement remains subject to final approval by the TSX Venture Exchange.
Jean Rainville , President and CEO of Fokus said "With 40 diamond drill holes now completed on our 100%-owned Galloway project in Abitibi since the release of our initial NI 43-101 resource estimate in March 2023, and with the results of many of these holes still pending, and with the price of gold long expected to rise, it is time to re-evaluate all existing options before embarking on the next phase of our exploration efforts. This is a large property with many gold targets".
Fokus Mining Corp. is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, 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 2,865.54 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 extensions. The current work focuses on a western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
http://fokusmining.com/
Certain statements contained in this press release may constitute forward-looking information or statements. Forward-looking information is often, but not always, identified using words such as "anticipate", "plan", "estimate", "expect", "may", "will", "will have", "should", and other 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 these expectations will prove to be correct and, accordingly, such forward-looking information should not be relied upon as such. All 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 legislation.
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SOURCE Fokus Mining Corp.
Contact
Jean Rainville, President & Chief Executive Officer, Tel.: (514) 918-3125, Fax: (819) 762-0097, Email: jrainville@fokusmining.com