ROUYN-NORANDA, QC, July 29,
2022 /CNW Telbec/ - Fokus Mining Corporation
("Fokus") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) announces
that it acquired 5,000,000 common shares of Mosaic Minerals
Corp. ("Mosaic Minerals") on July 28, 2022 in connection with two property
transactions between Fokus and Mosaic Minerals (the
"Transactions").
Prior to the Transactions, Fokus held 5,000,000 common shares of
Mosaic Minerals. Immediately following the Transactions, Fokus
holds 10,000,000 common shares of Mosaic Minerals. As a result of
the Transactions, Fokus' shareholdings in Mosaic Minerals increased
to approximately 17.39% from 9.52%.
On June 27, 2022, Fokus and Mosaic
Minerals entered into two property acquisition agreements on
June 27, 2022, pursuant to which
3,000,000 common shares of Mosaic Minerals were issued to Fokus as
consideration for the sale of 95 mining claims comprising the
Gaboury property and 2,000,000 common shares of Mosaic Minerals
were issued to Fokus for the sale of 59 mining claims comprising
the 113 North property. The 5,000,000 common shares of Mosaic
Minerals were issued at a deemed price of $0.07 per share, for a total deemed value of
$350,000.
In accordance with applicable securities laws, Fokus may, from
time to time and at any time, acquire additional common shares
and/or other equity, debt or other securities or instruments
(collectively, "Securities") of Mosaic Minerals in the
open market or otherwise, and reserves the right to dispose of any
or all of its Securities in the open market or otherwise at any
time and from time to time, and to engage in similar transactions
with respect to the Securities, the whole depending on market
conditions, the business and prospects of Mosaic Minerals and
other relevant factors.
A copy of an early warning report filed by Fokus in connection
with the Transactions is available on SEDAR under Mosaic Minerals'
profile. This news release is issued under the early warning
provisions of Canadian securities
legislation.
About Fokus
Fokus Mining Corporation 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 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.
Neither 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 this release.
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. Fokus' 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 Fokus operates, prevailing economic conditions, changes to
Fokus's strategic growth plans, and other factors, many of which
are beyond the control of Fokus. Fokus 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 Fokus' expectations as of
the date hereof, and is subject to change after such date. Fokus
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