/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, June 29,
2023 /CNW/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce that it has completed a second
and final closing of a non-brokered private placement in which it
issued a further 1,010,000 units (the "Units") at a price of
$0.08 per Unit, for aggregate gross
proceeds to Fokus of $80,800. Each of
the Units is comprised of one common share and one common share
purchase warrant (the "Unit Warrants"). Each Unit
Warrant entitles its holder to acquire one additional common share
of Fokus at a price of $0.12 for a
period of three years from the closing date. Fokus intends to use
the proceeds from the Units for exploration of its
Galloway property located in the
Province of Québec and for working capital purposes.
As a result of the second and final closing of the private
placement, there are 105,528,793 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 October 30, 2023. In
total, Fokus issued 4,075,000 Units and 985,000 FT Units in the
first and second tranches of the private placement.
The private placement remains subject to the final approval of
the TSX Venture Exchange.
In other news, the drill campaign that was to begin earlier on
the RB Zone of the Galloway Project (see press release dated
June 14th , 2023) and was
delayed because of the forest fires will finally begin
tomorrow.
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.
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/
Caution Regarding Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of the Company, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including additional closings
of the private placement or the result of, or benefits the Company
will obtained, if any, from any exploration works conducted on its
Galloway property.
Forward-looking information is based on information available at
the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Company's control. These risks, uncertainties
and assumptions include, but are not limited to, those described
under "Risk and Uncertainties" and "Financial Risk Management
Objectives and Policies" in the Company's Annual Report for the
fiscal year ended December 31, 2022,
a copy of which is available on SEDAR at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. The Company does not
intend, nor does the Company undertake any obligation, to update or
revise any forward-looking information contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
SOURCE Fokus Mining Corporation