NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES
TSX.V: FKM
OTCQB: FKMCF
FRANKFURT: F7E1
ROUYN-NORANDA, QC, Oct. 26,
2023 /CNW/ - Fokus Mining Corporation ("Fokus"
or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is
pleased to announce that it has held a first closing of a
non-brokered private placement in which it issued 500,000 units
(the "Units") at a price of $0.05 per Unit, for aggregate gross proceeds to
Fokus of $25,000, and 5,030,667
"flow-through" units (the "FT Units") at a price of
$0.06 per FT Unit, for aggregate
gross proceeds to Fokus of $301,840.02. Each of the Units is comprised of
one common share and one common share purchase warrant
(the "Unit Warrants") and each of the FT Units is
comprised of one common share and one-half of a common share
purchase warrant (the "FT Unit Warrants", and together with
the Unit Warrants, the "Warrants"). Each Unit Warrant
entitles its holder to acquire one additional common share of Fokus
at a price of $0.08 for a period of
three years from the closing date and Each FT Unit Warrant entitles
its holder to acquire one additional common share of Fokus at a
price of $0.08 for a period of two
years from the closing date. Fokus intends to use the proceeds from
the FT Units for exploration of its Galloway property located in the Province of
Québec and the proceeds from the Units for working capital
purposes.
Jean Rainville, President and CEO
of the Company stated: "Although we have not yet received all the
subscription agreements, we have decided to proceed with a first
closing of the financing, as we will be ready to resume drilling on
the Galloway project in Abitibi in
about a week's time. Our next phase will include more drill holes
on the mineralized zones we have been working on for the past two
years, but also some drilling on known mineralized showings where
the Company has not done any work, to date, other than compiling
the work done by predecessor companies."
Additional closings of the private placement may be held until
November 13, 2023, subject to a
maximum of an additional 4,500,000 Units at a price of $0.05 per Unit and a maximum of an additional
3,969,333 FT Units at a price of $0.06 per FT Unit to subscribers in Québec, for
total maximum gross proceeds of $463,159.98.
In connection with the private placement, the Company paid cash
commissions to three securities dealers in an aggregate amount of
$18,200. In addition, Fokus granted
finders' warrants to one of the securities dealers entitling it to
acquire up to 40,000 additional common shares of the Company at a
price of $0.08 per share until
October 25, 2026 and to another one
of the securities dealers entitling it to acquire up to 20,000
additional common shares of the Company at a price of $0.08 per share until October 25, 2025.
As a result of the first closing of the private placement, there
are 111,059,460 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 February 26,
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.
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 obtain from such exploration work or if it does, from any
exploration works or drillings to be conducted on Fokus'
Galloway property or if it
does. 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