21:39:43 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Fokus Mining Corp
Symbol FKM
Shares Issued 111,059,460
Close 2023-12-01 C$ 0.04
Market Cap C$ 4,442,378
Recent Sedar Documents

Fokus Mining arranges $450,000 private placement

2023-12-04 11:35 ET - News Release

Mr. Jean Rainville reports

FOKUS MINING ANNOUNCES PRIVATE PLACEMENT OF UNITS

Fokus Mining Corp. has launched a private placement of up to 11.25 million units at a price of four cents per unit, for aggregate gross proceeds to Fokus of up to $450,000. Each of the units will comprise one common share and one common share purchase warrant. Each unit warrant will entitle its holder to acquire one additional common share of Fokus at a price of six cents for a period of four years from the closing date.

Jean Rainville, president and chief executive officer 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 Quebec, 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:

  • 56 per cent -- drilling program on the Galloway property;
  • 7 per cent -- geological advisory services;
  • 7 per cent -- management fees for services to be provided by insiders of Fokus;
  • 30 per cent -- 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 private 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 Mining Corp.

Fokus Mining 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, it is 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.

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