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ROUYN-NORANDA, QC, June 3, 2022 /CNW Telbec/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) announces that it will be increasing the size of its non-brokered private placement (the "Private Placement") previously announced on May 11, 2022 (the "May Press Release") to provide for the sale of up to 6,000,000 additional "flow-through" units (the "FT Units") at a price of $0.10 per FT Unit for gross proceeds to Fokus of $600,000. The other terms of the Private Placement are unchanged and will remain the same as to the ones previously announced in the May Press Release.
In its May Press Release, the Company announced a first closing of a non-brokered private placement of 2,252,500 Units, at a price of $0.08 per Unit, for aggregate gross proceeds to Fokus of $180,200, and 2,354,500 FT Units for aggregate gross proceeds of $235,450 (the "First Tranche"). Each Unit is comprised of one common share and one common share purchase warrant (the "Unit Warrants"), and each FT Unit is comprised of one common share and one-half of a common share purchase warrant (together with the Unit Warrants, the "Warrants"). Each Warrant entitles its holder to acquire one additional common share of Fokus at a price of $0.12 for a period of two years from the closing date.
As a result of the increase in the size of the Private Placement, now a maximum of 28,997,500 Units and 7,645,500 FT Units can be issued under the Private Placement, excluding the Units and FT Units issued in the First Tranche, for total maximum gross proceeds of $3,084,350. Fokus intends to use the proceeds from the FT Units for exploration of its Galloway property located in the Province of Québec and the proceeds from the Units for working capital purposes. The closing of the second and final tranche of the Private is expected to occur before July 6, 2022.
About Fokus
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.
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Related Links
http://fokusmining.com/
Caution Regarding Forward-Looking Statements
Certain statements contained in this news 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", "intend", "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 as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. 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 such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news 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.
SOURCE Fokus Mining Corporation
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