ROUYN-NORANDA, QC, Sept. 1, 2020 /CNW Telbec/ – Fokus Mining Corporation (TSXV: FKM) (FRA: F7E1), formerly Fieldex Exploration Inc. (“Fokus”) is pleased to announce that it has held a closing of its previously-announced private placement by issuing 8,333,333 units (the “Units”) at a price of $0.12 per Unit, for gross proceeds to Fokus of $1,000,000. Each Unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Fokus at a price of $0.225 until September 1, 2023. Fokus will use the proceeds from the closing of the private placement for the acquisition of the Galloway Property pursuant to an Mineral Option Agreement dated July 16, 2020 with Vantex Resources Ltd. (TSXV: VAX), for which all regulatory approvals have been obtained by Fokus, including that of the TSX Venture Exchange (see Fokus’ press releases dated July 16, 2020, August 7, 2020 and September 1, 2020 for more information on the Mineral Option Agreement and the Galloway Property).
PowerOne Capital Markets Limited acted as sole finder in connection with the private placement. An 8% cash finder’s fee was paid together with the issuance of finder warrants equal to 8% of the Units placed. Each finder warrant can be exercised to acquire one Unit as offered in the private placement at a price of $0.12 until September 1, 2023.
As a result of the private placement, there are 47,760,373 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 January 2, 2021.
About Fokus Mining
Fokus Mining is a mineral resource company actively exploring in Québec on acquiring and exploring precious metals deposits located in the province of Québec.
Except for historical information, this news release may contain certain “forward looking statements”, including those relating to the Mineral Option Agreement with Vantex Resources Ltd. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the expectations and projections of Fokus. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the exercise of the option under the Mineral Option Agreement, or what benefits Fokus will derive therefrom. A more detailed discussion of the risks inherent in Fokus’ business is available in documents filed by Fokus on SEDAR at www.sedar.com. Unless otherwise stated, all forward-looking statements in this news release speak only as of the date of this news release and Fokus does not have any obligation to update such statements, except to the extent required by applicable securities laws.
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.
SOURCE Fokus Mining Corporation
For further information: Thibaut Segeral, President & Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097, Email: firstname.lastname@example.org