Minfocus Exploration Announces Proposed $500,000 Private Placement Offering
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) ("Minfocus" or the "Company") is pleased to announce a non-brokered private placement of up to 20,000,000 units for gross proceeds of up to $500,000, which may be closed in tranches. The private placement will comprise both flow-through units and non-flow-through units.
Each non-flow-through unit ("NFT Unit") will be offered at a price of $0.025 per NFT Unit, which shall consist of one common share ("Share") and one non-transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional Share at a price of $0.05 per Share for a period of 24 months from the closing date. The Warrant in each Unit will have an accelerated exercise provision which would permit the Company to accelerate the expiry date of the term of the warrants if the weighted average price of Minfocus shares exceeds $0.10 per Share (400% of unit issuance price) for a period of ten consecutive trading days (“Accelerated Exercise Provision”).
Each flow-through unit ("FT Unit") will be offered at a price of $0.025 per FT Unit, which will consist of one Share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one Warrant. Each whole Warrant will entitle the holder to purchase one additional non-flow-through Share at $0.05 per Share for a period of 24 months from the closing date. A maximum of 15,000,000 FT Units will be made available for issuance. The Warrant in each FT Unit will also have an Accelerated Exercise Provision the same as the NFT Unit.
The use of proceeds is intended to be: to finance exploration and development of the mineral properties in which Minfocus holds an interest, primarily the Coral Zinc Project in British Columbia, Canada, which is expected to include air and ground geophysical surveys, as well as light detection and ranging (LiDAR) survey; a diamond drilling program; payment of unrelated-party trade payables; and general working capital for the Company. This private placement is subject to acceptance by the TSX Venture Exchange. Finders’ Fees may be paid in accordance with TSXV policy.
Coral Zinc Project – 2017 Plans for Air/Ground Geophysics and Further Drilling Program
The Company intends to undertake a drilling program this summer on its CORAL Project in east central British Columbia to follow up on the 2016 exploration results targeting zinc and lead mineralization in a low-iron Mississippi-Valley-Type carbonate rock geological environment analogous to that hosting the Pine Point deposits. The property has historic core drilling and trenching intersecting mineralized breccias containing zinc and lead values of up to 7.8% zinc. Minfocus has a current Mines Act Permit authorizing drilling at up to 6 drilling sites in 2017. The primary drilling target is the source of the large (600m x 300m) zinc geochemical anomaly (15-50 times background zinc levels) with outcropping zinc mineralized brecciated dolostone at its edge. In addition to drilling, Minfocus intends to undertake air and ground geophysical work and a LiDAR survey to enhance selection of drill targets during the 2017 program. For more details, see the Minfocus website at www.minfocus.com.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base and precious metal projects including zinc and nickel projects in British Columbia and a Platinum Group Element (“PGE”) rich nickel project in N.W. Ontario. Minfocus has a successful management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit, the Current Lake deposit (+700,000 oz. Pt-Equivalent) which is hosted within the mid-Continental Rift.
For further information, please contact:
President & Chief Executive Officer
Phone: (416) 232-0025
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain forward-looking statements concerning the future performance of the Company’s business and operations as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as “may”, “will”, “might”, “would”, “plan”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company’s expectations, fluctuating commodity prices, delays in commencing the Company’s proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company’s documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
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Source: Minfocus Exploration Corp. (TSX Venture:MFX)
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