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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.
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 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