Company Announcements

TSX.V: FKM            OTCQB: FKMCF          FRANKFURT: F7E1

/NOT FOR DISTRIBUTION TO UNITED STATED NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

ROUYN-NORANDA, QC , Oct. 17, 2024 /CNW/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has held the closing of its previously announced non-brokered private placement (the "Offering") by issuing 17,500,000 units (the "Units") at a price of $0.05 per Unit and 12,500,000 "flow-through" units (the "FT Units" and together with the Units, the "Offering Units") at a price of $0.08 per FT Unit, for gross proceeds to Fokus of $1,875,000. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each FT Unit is comprised of one "flow-through" common share (a "FT Share") and one Warrant. Each Warrant will entitle its holder to acquire one Common Share at a price of $0.08 per share for a period of three years from its issuance date.

Fokus intends to use the net proceeds from the Offering for expenses incurred in connection with exploration on its Galloway property located in the Province of Québec and for general corporate and working capital purposes.

In connection with the closing of the Offering, Fokus paid a finder's fee to an arm's length finder consisting of: (i) a cash fee equal to 7% of the gross proceeds raised via subscribers introduced by such finder and (ii) 2,320,000 finder warrants (the "Finder Warrants"). Each Finder Warrant is exercisable for one Unit at a price of $0.05 per Unit, for a period of three years from the closing date of the Offering. PowerOne Capital Markets Limited acted as a finder in connection with a portion of the Offering.

As a result of the private placement, there are 155,309,460 common shares of Fokus issued and

outstanding on a non-diluted basis. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period expiring on February 18, 2025.

All dollar amounts stated herein are provided in Canadian dollars unless otherwise stated.

Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the Province of Québec, Canada. In implementing this major undertaking within the Canadian mining industry, it is aiming to unlock the secret of the Galloway gold project.

The 100% Galloway Project covers an area of 2,865.54 hectares and is located just north of the Cadillac-Larder Lake deformation, which extends for more than 100km. Numerous gold deposits are associated with the structure and its subsidiaries. The current work of the Company focuses on a western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com and the Company's NI 43-101 Technical Report and Mineral Resource Estimate for the Galloway Project, Quebec, Canadadated effective, March 21, 2023.

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.

Related Links
http://fokusmining.com/

This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts"  and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including but not limited to, the completion of the Offering, the payment of a finder's fee, obtaining approval of the TSXV, and the intended use of the proceeds of the Offering. The Company undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in the forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, including but not limited to: market risk; general economic risk; the approval of the Offering on the terms proposed herein by the applicable regulatory bodies, prices of commodities, and management's ability to execute its business plan. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. 

The TSXV and its Regulation Services Provider have not approved the contents of, nor taken responsibility for the adequacy or accuracy of, this press release.

SOURCE Fokus Mining Corporation