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SERVICES OR DISSEMINATION IN THE UNITED
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ROUYN-NORANDA, QC, June 23,
2022 /CNW/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce that it has completed a second
and final closing of its previously announced non-brokered private
placement. The Company issued in this second tranche (i) 2,500,000
units (the "Units") at a price of $0.08 per Unit, for aggregate gross proceeds to
the Company of $200,000, and (ii)
2,500,000 "flow-through" units (the "FT Units") at a price
of $0.10 per FT Unit, for aggregate
gross proceeds to the Company of $250,000.
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 "flow-through" common
share and one-half of a common share purchase warrant (together
with the Unit Warrants, the "Warrants"). Each Warrant
entitles its holder to acquire one additional common share of the
Company at a price of $0.12 until
June 23, 2024.
The Company intends to use the proceeds from the FT Units
for exploration expenditures of its Galloway property located in the Province of
Québec and the proceeds from the Units for working capital
purposes.
In connection with the private placement, the Company paid a
finder's fee to Mine Equities Ltd., an exempt market dealer,
("Mine Equities") in an amount of $15,000. In addition, the Company issued
finders' warrants to Mine Equities entitling it to acquire up to
150,000 additional common shares of the Company at a price of
$0.12 per share until June 23, 2024.
As a result of this second and final closing of the private
placement, there are 81,504,087 common shares of the Company issued
and outstanding. Under applicable securities legislation, the
securities issued in the private placement are subject to a
four-month hold period, expiring on October 24, 2022.
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. 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: fokusmining.com.
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.
Related Links
http://fokusmining.com/
Caution Regarding Forward-Looking
Statements
Certain statements contained in this news release may constitute
forward‐looking information. Forward‐looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward‐looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward‐looking
information. The Company's actual results could differ materially
from those anticipated in this forward‐looking information as a
result of regulatory decisions, competitive factors in the
industries in which the Company operates, prevailing economic
conditions, changes to the Company's strategic growth plans, and
other factors, many of which are beyond the control of the Company.
The Company believes that the expectations reflected in the
forward‐looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward‐looking information should not be unduly relied upon. Any
forward‐looking information contained in this news release
represents the Company's expectations as of the date hereof, and is
subject to change after such date. The Company disclaims any
intention or obligation to update or revise any forward‐looking
information whether as a result of new information, future events
or otherwise, except as required by applicable securities
legislation.
SOURCE Fokus Mining Corporation