Fokus Mining Corp. Announces Closing of $1,175,000 Private Placement of Units
![Fokus Mining Corp. Announces Closing of $1,175,000 Private Placement of Units](https://www.goldseiten.de/media/goldseiten-news.jpg)
Jean Rainville CEO and President of Fokus states: "Fokus has sufficient funding to carry its exploration program for several months but needed funding for expenditures such as certain environmental or metallurgical studies that will be required at some point and do not qualify as exploration expenditures.
In connection with the private placement, Fokus paid cash finders' fee to three securities dealers in the aggregate amount of $61,910. In addition, Fokus issued finders' warrants to the securities dealers entitling them to acquire up to an aggregate of 442,217 additional common shares of Fokus at a price of $0.14 per share until July 5, 2023.
Two officers and directors of Fokus and two directors of Fokus (collectively, the "Insiders") purchased, directly and indirectly, an aggregate of 721,286 Units for a total consideration of $100,980. The issuance of Units to the Insiders constitutes related party transactions but they are exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as Fokus' securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the Units issued to the Insiders, nor the fair market value of the entire private placement, exceeds 25% of Fokus' market capitalization. Fokus did not file a material change report with respect to the participation of the Insiders at least 21 days prior to the closing of the private placement as the Insiders participation was not determined at that time.
As a result of the private placement, there are 70,802,087 common shares of Fokus issued and outstanding on a non-diluted basis. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued in the private placement are subject to a four-month hold period, expiring on November 6, 2021.
About Fokus
Fokus Mining Corp. 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 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 subsidiaries. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: www.fokusmining.com.
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 use of proceeds of the private placement and funding of its exploration programs, future plans, costs, objectives or performance of Fokus, 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. 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 Fokus' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial risk management objectives and policies" and "Risk and Uncertainties in Fokus' Annual Report for the fiscal year ended December 31, 2020, 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. Fokus does not intend, nor does Fokus 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.
No securities regulatory authority has either approved or disapproved the contents of this press release. The common shares of Fokus have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws. Accordingly, the common shares of Fokus may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares of Fokus in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
SOURCE Fokus Mining Corp.
Contact
Jean Rainville, President & Chief Executive Officer, Tel.: (514) 918-3125, Fax: (819) 762-0097, Email: jrainville@fokusmining.com