Fokus Mining announces $1.5 million funding in Rouyn-Noranda

Fokus Mining Corporation has announced a non-brokered private placement aiming to raise a minimum of $1.5 million. This offering will consist of approximately $500,000 from the issuance of standard units priced at $0.05 each and $1 million from flow-through units priced at $0.08 each. The funds raised will primarily support exploration activities on the Galloway project and cover general corporate expenses. The company has recently delineated an inferred resource of 1.419 million ounces of gold at a price of US$1,750 per ounce, focusing on the western part of its mineral claims. The closing of the offering is anticipated on or before October 4, 2024, with the securities being offered in compliance with Canadian securities laws. Investors will receive warrants allowing them to acquire common shares at a price of $0.08 per share for three years. The offering is subject to a hold period of four months and one day post-closing, ensuring compliance with regulatory requirements. Fokus Mining emphasizes that actual results may differ from expectations due to various risks, including market conditions and regulatory approvals. The company has no obligation to update any forward-looking information, highlighting the uncertainties inherent in the mining sector and the importance of careful investment consideration.