Minfocus Announces Completion of Coral Acquisition
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Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) (“Minfocus” or “Company”) is pleased to announce that it has completed its previously announced acquisition from Dr. Francis Manns, P.Geo. (ON) (“Manns”) of a 36% beneficial ownership interest in the Coral Zinc Project tenures (the “Coral Interest”) located in northeastern British Columbia (“Coral Acquisition”).
Further to the Company’s news releases of August 31, 2018 and September 14, 2018, the Company confirms that it received disinterested shareholder approval for the change of control resulting in connection with the closing of the Coral Acquisition at its annual general meeting of shareholders held this week on Monday, September 17th, and received TSXV final acceptance to proceed with the acquisition.
In connection with the closing of the Coral Acquisition, as consideration for the Coral Interest, the Company issued Mr. Manns 7,180,000 common shares and 7,180,000 share purchase warrants (the “Warrants”), with each Warrant exercisable to acquire one additional common share at a price of $0.07 for a period of two years. Immediately prior to closing, Mr. Manns had ownership and/or control over 330,847 common shares of the Company representing approximately 2.95% of the issued and outstanding common shares. Upon completion of the Coral Acquisition, Mr. Manns holds ownership and control over 7,510,847 common shares of the Company, representing approximately 40.86% of the issued and outstanding common shares of the Company and 7,180,000 Warrants. Assuming conversion of all the Warrants, Mr Manns would have ownership and control over 14,690,847 common shares of the Company, representing approximately 57.47% of the then issued and outstanding common shares of the Company.
All of the securities issued are subject to a hold period of four months and one day under applicable securities laws.
Minfocus 2018 Shareholders’ Annual General Meeting (“AGM”)
The Company reports that all matters set out in the Management Information Circular dated August 17, 2018 for the 2018 AGM, held on September 17th, 2018, were approved by shareholders.
Minfocus is please to announce the following four nominees were elected as directors of the Company:
Graham C. Wilson
Kenneth B. de Graaf
Leo P. Power
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base-metal projects including three Mississippi-Valley-Type zinc projects in British Columbia and Newfoundland and a Platinum Group Element (“PGE”)–enriched Ni-Cu-Pt-Pd 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 Ni-Cu-Pt-Pd deposit in the Midcontinent Rift, the Current Lake deposit.
For further information, please contact:
Kenneth B. de Graaf
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.
Source: Minfocus Exploration Corp. (TSX Venture:MFX)
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