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TSX.V: FKM OTCQB: FKMCF Frankfurt: F7E1
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ROUYN-NORANDA, QC, April 4, 2024 /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 a small non-brokered private placement by issuing 3,000,000 units (the "Units") at a price of $0.05 to five investors, for aggregate gross proceeds to Fokus of $150,000. Each Unit consists of one common share of Fokus and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of Fokus at a price of $0.06 for a period of three years from the closing date. Proceeds will be allocated to general working capital purposes.
In connection with the private placement, the Company did not pay any commission or finder's fee and no insiders participated in the placement. Following the private placement, there are 125,309,460 common shares of Fokus issued and outstanding. Under applicable legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on August 5, 2024.
The private placement remains subject to final approval by the TSX Venture Exchange.
Jean Rainville , President and CEO of Fokus said "With 40 diamond drill holes now completed on our 100%-owned Galloway project in Abitibi since the release of our initial NI 43-101 resource estimate in March 2023, and with the results of many of these holes still pending, and with the price of gold long expected to rise, it is time to re-evaluate all existing options before embarking on the next phase of our exploration efforts. This is a large property with many gold targets".
About Fokus
Fokus Mining Corporation 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, 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 km. Numerous gold deposits are related to that structure and its extensions. The current work focuses on a western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.