FOKUS MINING ACQUIRES SHARES OF MOSAIC MINERALS

2022-07-29 12:55:24

ROUYN-NORANDA, QC, July 29, 2022 /CNW Telbec/ – Fokus Mining Corporation (“Fokus“) (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) announces that it acquired 5,000,000 common shares of Mosaic Minerals Corp. (“Mosaic Minerals“) on July 28, 2022 in connection with two property transactions between Fokus and Mosaic Minerals (the “Transactions“).

Prior to the Transactions, Fokus held 5,000,000 common shares of Mosaic Minerals. Immediately following the Transactions, Fokus holds 10,000,000 common shares of Mosaic Minerals. As a result of the Transactions, Fokus’ shareholdings in Mosaic Minerals increased to approximately 17.39% from 9.52%.  

On June 27, 2022, Fokus and Mosaic Minerals entered into two property acquisition agreements on June 27, 2022, pursuant to which 3,000,000 common shares of Mosaic Minerals were issued to Fokus as consideration for the sale of 95 mining claims comprising the Gaboury property and 2,000,000 common shares of Mosaic Minerals were issued to Fokus for the sale of 59 mining claims comprising the 113 North property. The 5,000,000 common shares of Mosaic Minerals were issued at a deemed price of $0.07 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 Transactions 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 Corporation 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.

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.

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. 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.

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