TSX.V:
FKM
OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, Aug. 23,
2022 /CNW Telbec/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM)
(OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it
has entered into an agreement (the "Agreement") with Vantex
Resources Ltd. (TSXV: VAX) (the "Vendor"), pursuant to which
it will acquire for cancelation the rights of the Vendor to receive
$500,000 from the Company, upon the
first declaration of a minimum 500,000 ounces of gold as "indicated
resources" on the Galloway gold
project, and an additional $500,000
upon the first declaration of a minimum 1,000,000 ounces (the
"Additional Payments"). The rights to the Additional
Payments were granted under the option agreement dated July 15, 2020 between the Company and the Vendor
pursuant to which the Company acquired the Galloway gold project (as more fully described
in a press release dated July 16,
2020).
Pursuant to the Agreement, the Company will pay the Vendor a
consideration of $250,000 (the
"Transaction"), comprised of (i) $100,000 in cash (the "Cash
Consideration"), and (ii) $150,000 through the issuance of common shares in
the capital of the Company (the "Consideration Shares") at a
deemed price equal to the greater of $0.08 and the five-day volume-weighted average
trading price of the Company's shares on the TSX Venture Exchange
(the "TSXV") on the day preceding the closing date of the
Transaction, which is expected to be on or about August 26, 2022 (the "Closing Date").
"This is a vote of confidence by Fokus management in the
Galloway project," said
Jean Rainville, CEO, and President
of Fokus. "We completed our first round of drilling last December,
received the latest assay results in April, and have spent the last
few months reviewing the data and our models with our advisors. The
next step is to conduct further metallurgical testing for which we
will provide more details in the coming days, as well as the
process for completing the planned independent resource estimate,"
added Mr. Rainville.
The Consideration Shares are subject to four, five, six-,
seven-, eight- and nine-month voluntary resale restrictions, each
applicable to the sixth (1/6) of the Consideration
Shares.
The Transaction is an arm's length transaction for the purposes
of the policies of the TSXV. No finder's fees will be paid in
connection with the Transaction. The Transaction is subject to the
approval of the TSXV.
About Fokus
Fokus is a mineral resource company acquiring and exploring
precious metal deposits located int the province of Quebec. 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 kilometres. Numerous gold
deposits are related to that structure and its subsidiaries. The
Company is currently focusing its exploration efforts on a small
western portion of the mining claims where several mining
occurrences have been identified. For more information, please
visit our website at: www.fokusmining.com.
Neither 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 this release.
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.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation