TSX.V:
FKM
OTCQB: FKMCF
Frankfurt: F7E1
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SERVICES OR DISSEMINATION IN THE UNITED
STATES
ROUYN-NORANDA, QC, Dec. 21,
2022 /CNW Telbec/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce that it has completed a closing
of its non-brokered private placement. The Company issued 9,175,000
units (the "Units") at a price of $0.06 per Unit, for aggregate gross proceeds to
Fokus of $550,500, and 4,950,000
"flow-through units (the "FT Units") at a price of
$0.08 per FT Unit, for aggregate
gross proceeds to Fokus of $396,000.
Each of the Units is comprised of one common share and one common
share purchase warrant (the "Unit Warrants") and each
of the FT Units is comprised of one common share and one-half of a
common share purchase warrant (the FT Unit Warrants,
together the "Warrants"). Each Warrant entitles its holder
to acquire one additional common share of Fokus at a price of
$0.09 from Units and at a price of
$0.10 from FT Units for a period of
two years from the closing date. 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.
Three officers and directors of Fokus (collectively,
the "Insiders") purchased, directly and indirectly,
800,000 Units for a total consideration of $48,000. The issuance of Units to the Insiders
constitutes a related party transaction, but is exempt from the
formal valuation and minority approval requirements of Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101") as Fokus' securities
are not listed on any stock exchange identified in Section 5.5(b)
of MI 61-101 and neither the fair market value of the Units
issued to the Insiders, nor the fair market value of the entire
private placement, exceeds 25% of Fokus' market capitalization.
Fokus did not file a material change report with respect to the
participation of the Insiders at least 21 days prior to the
closing of the private placement as the insiders participation was
not determined at that time.
In connection with the private placement, Fokus paid cash
finders' fee to two securities dealers in the aggregate amount of
$17,465. In addition, Fokus issued
finders' warrants to the securities dealers entitling them to
acquire up to 22,750 additional common shares of Fokus at a price
of $0.06 per share and up to 201,250
additional common shares of Fokus at a price of $0.08 per share until December 20, 2024.
As a result of the closing of the private placement, there are
97,393,793 common shares of Fokus issued and outstanding. Under
applicable securities legislation, the securities issued in the
private placement are subject to a four-month hold period, expiring
on April 21, 2023.
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.
The TSX Venture Exchange and its Regulation Services Provider
(as that term is defined in the TSX Venture Exchange Policies) do
not accept any responsibility for the truth or accuracy of its
content.
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