Fokus Mining Corporation Achieves Successful Private Placement
Fokus Mining Corporation (TSX.V: FKM, OTCQB: FKMCF) recently concluded a significant non-brokered private placement, raising $1.875 million to further its exploration efforts and support corporate projects. The company issued a total of 17,500,000 units at a unit price of $0.05 and 12,500,000 flow-through units at $0.08 each, enhancing its financial standing.
Details of the Offering
The private placement was composed of both regular and flow-through units, demonstrating Fokus's commitment to fostering its growth. Every unit consists of one common share and one purchase warrant, entitling the holder to purchase an additional share at $0.08 per share, valid for three years.
Use of Funds
The proceeds from this private placement are earmarked for exploratory activities on Fokus's Galloway property, along with general corporate expenses and working capital. This initiative shows the company's intent to capitalize on its assets and maximize shareholder value.
Compensation for Finder's Services
In relation to the offering, Fokus awarded a finder’s fee, which included 7% of the gross proceeds from investors introduced by the finder, and a grant of 2,320,000 finder warrants as part of the compensation. This strategic partnership with PowerOne Capital Markets Limited illustrates the firm's proactive approach to expanding its reach in financial markets.
Current Share Situation
With the conclusion of this private placement, Fokus Mining Corporation now boasts 155,309,460 common shares outstanding. This reflects a robust participation in the market and positions the company well for its future endeavors. Notably, the shares issued in this placement will be subject to a four-month hold period.
About Fokus Mining Corporation
Fokus Mining Corporation is engaged in acquiring and exploring mineral resources, with a primary focus on precious metal deposits within the Province of Québec. The Galloway gold project, covering an extensive area of over 2,800 hectares, holds significant potential for gold deposits linked to the nearby Cadillac-Larder Lake deformation zone.
Galloway Project Highlights
The Galloway project emphasizes the company's dedication to unlocking gold resources in the area. With multiple mineral occurrences identified, Fokus Mining aims to explore further and enhance its knowledge of these valuable deposits.
Conclusion
This successful private placement marks a pivotal milestone for Fokus Mining Corporation as it continues to advance its mining projects and corporate strategies. With the funds at hand, the company is poised to optimize its exploration capabilities and increase its footprint in the mining industry.
Frequently Asked Questions
What is the purpose of the recent private placement by Fokus Mining?
The private placement aims to raise funds for exploration activities on the Galloway property and support general corporate expenses.
How many units were issued in the private placement?
Fokus Mining issued a total of 17,500,000 units and 12,500,000 flow-through units during the private placement.
What are the terms of the warrants associated with the units?
Each warrant allows the holder to acquire one common share at a price of $0.08 per share for a period of three years.
Who acted as the finder for this private placement?
PowerOne Capital Markets Limited acted as a finder for a portion of the offering, facilitating connections to investors.
What does Fokus Mining Corporation focus on?
Fokus Mining Corporation concentrates on acquiring and exploring precious metal deposits, primarily in Québec. Their Galloway project is a key asset in their portfolio.
