ROUYN-NORANDA, June 15, 2021 -
Fokus Mining Corp. ("Fokus") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) announces that on June 14, 2021, it acquired 2,000,000 common shares of Mosaic Minerals Corp. ("Mosaic Minerals") in connection with a property transaction between Fokus and Mosaic Minerals (the "Transaction").
Prior to the Transaction, Fokus held 3,000,000 common shares of Mosaic Minerals. Immediately following the Transaction, Fokus holds 5,000,000 common shares of Mosaic Minerals. As a result of the Transaction, Fokus' shareholdings in Mosaic Minerals have increased to approximately 14.05% from 8.93%.
The 2,000,000 common shares were acquired as consideration for granting Mosaic Minerals an option to acquire a 50% interest Fokus' 113 North project pursuant to and in accordance with an Option and Joint Venture Agreement (the "Agreement") dated June 8, 2021 between Fokus and Mosaic Minerals. Pursuant to the Agreement Mosaic Minerals has the option to acquire a 50% interest in the 113 North project by issuing 2,000,000 common shares to Fokus within seven days from obtaining the conditional approval from the Canadian Securities Exchange for the Transaction, and to incur exploration expenditures of an aggregate amount of $500,000 over the next four years following the signature date of the Agreement. The 2,000,000 common shares of Mosaic Minerals were issued at a deemed price of $0.175 per share, for a total deemed value of $350,000.
In accordance with applicable securities laws, Fokus may, from time to time and at any time, acquire additional common shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Mosaic Minerals in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Mosaic Minerals and other relevant factors.
A copy of an early warning report filed by Fokus in connection with the Transaction is available on SEDAR under Mosaic Minerals' profile. This news release is issued under the early warning provisions of Canadian securities legislation.
About Fokus
Fokus Mining Corp. is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, 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 2,865.54 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.
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. Fokus' 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 Fokus operates, prevailing economic conditions, changes to Fokus's strategic growth plans, and other factors, many of which are beyond the control of Fokus. Fokus 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 Fokus' expectations as of the date hereof, and is subject to change after such date. Fokus 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 Corp.
Contact
Jean Rainville, President & Chief Executive Officer, Tel.: (514) 918-3125, Fax: (819) 762-0097, Email: jrainville@fokusmining.com
