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TSX.V:
FKM
OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, Dec. 4, 2023
/CNW/ - Fokus Mining Corporation ("Fokus" or the
"Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased
to announce the launch of a private placement (the "Private
Placement") of up to 11,250,000 units (the "Units") at a
price of $0.04 per Unit, for
aggregate gross proceeds to Fokus of up to $450,000. Each of the Units will be comprised of
one common share and one common share purchase warrant
(the "Unit Warrants"). Each Unit Warrant will entitle
its holder to acquire one additional common share of Fokus at a
price of $0.06 for a period of four
years from the closing date.
Jean Rainville, President and CEO
of Fokus stated: "We have to continue to expand our resource on
Galloway by looking at extensions
of the mineralized zones where a resource has been delineated and
we have so many other targets that are yet to be tested on this
large property."
Fokus intends to use the 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 any financing will be used for investor
relations activities.
No finder fees or commissions are expected to be paid in
connection with the Privat Placement.
Pursuant to applicable Canadian securities laws and in
accordance with the Exchange policies, all securities issued under
this Private Placement will be subject to applicable resale
restrictions under applicable securities laws and to the Exchange
hold period. The Private Placement remains subject to the approval
of the Exchange.
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 2,865.54 hectares and is located just north of the
Cadillac-Larder Lake deformation
which extends laterally for more than 100 kilometres. 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/
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 statements relating
to the size of the Private Placement, the closing date of the
Private Placement, the intended use of proceeds of the Private
Placement, the receipt of acceptance of the Exchange, the
completion of any exploration program on the Galloway property, including a drill program,
or the results of any exploration program to be conducted on the
Galloway property or if it does,
what benefit will be obtained by Fokus. 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.sedarplus.ca, 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