Fokus Mining Corp. Announces First Closing Of Private Placement

ROUYN-NORANDA, Oct. 26, 2023 - Fokus Mining Corp. ("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.

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 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/

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.

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SOURCE Fokus Mining Corp.



Contact
Jean Rainville, President & Chief Executive Officer, Tel.: (514) 918-3125, Fax: (819) 762-0097, Email: jrainville@fokusmining.com