/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TSX.V: FKM OTCQB: FKMCF Frankfurt: F7E1
ROUYN-NORANDA, QC, Dec. 22, 2023 /CNW/ – Fokus Mining Corporation (“Fokus” or the “Company“) (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has held the closing of its previously-announced private placement by issuing 11,250,000 units (the “Units“) at a price of $0.04 per Unit, for gross proceeds to Fokus of $450,000. Each Unit is comprised of one common share of Fokus and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Fokus at a price of $0.06 until December 22, 2027.
Fokus intends to use the net proceeds from the private placement for a drilling program on its Galloway property located in the Province of Québec, for geological advisory services and for working capital purposes. Below is a summary of the major categories applied to the gross proceeds as required by Policy 1.1 of the TSX Venture Exchange (the “Exchange“):
- 56% – Drilling program on the Galloway property;
- 7% – Geological advisory services;
- 7% – Management fees for services to be provided by insiders of Fokus; and
- 30% – Working capital.
None of the proceeds of this financing will be used for investor relations activities.
In connection with the closing of the private placement, Fokus paid cash commissions to Canaccord Genuity Corp. in an amount of $1,880, which represents 2% of the gross proceeds raised from the sale of 2,350,000 Units through such securities dealer.
As a result of the private placement, there are 122,309,460 common shares of Fokus issued and outstanding on a non-diluted basis. Under applicable securities legislation and the policies of the Exchange, the securities issued in the private placement are subject to a four-month hold period, expiring on April 23, 2024.
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 the 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.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation
Featured image: DepositPhotos © photoworld
