Mr. Jean Rainville reports
FOKUS MINING ANNOUNCES SECOND AND FINAL CLOSING OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
Fokus Mining Corp. has completed a second and final closing of its previously announced non-brokered private placement. The company issued in this second tranche: (i) 2.5 million units at a price of eight cents per unit for aggregate gross proceeds to the company of $200,000; and (ii) 2.5 million flow-through units at a price of 10 cents per FT unit for aggregate gross proceeds to the company of $250,000.
Each of the units is composed of one common share and one common share purchase warrant, and each of the FT units is composed of one flow-through common share and one-half of a common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the company at a price of 12 cents until June 23, 2024.
The company intends to use the proceeds from the FT units for exploration expenditures of its Galloway property located in the province of Quebec and the proceeds from the units for working capital purposes.
In connection with the private placement, the company paid a finder's fee to Mine Equities Ltd., an exempt market dealer, in an amount of $15,000. In addition, the company issued finder warrants to Mine Equities, entitling it to acquire up to 150,000 additional common shares of the company at a price of 12 cents per share until June 23, 2024.
As a result of this second and final closing of the private placement, there are 81,504,087 common shares of the company issued and outstanding. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period expiring on Oct. 24, 2022.
About Fokus Mining Corp.
Fokus 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 a small western portion of the mineral claims, where several mineral occurrences have been identified.
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