Fokus Mining Corporation announced a non-brokered private placement to issue units at an issue price of CAD 0.08 and flow-through units at an issue price of CAD 0.10 per unit on June 9, 2023. Each of the Units is comprised of one common share and one common share purchase warrant and each of the FT Units is comprised of one common share and one-half of a common share purchase warrant. Each Unit Warrant entitles its holder to acquire one additional common share at a price of CAD 0.12 for a period of three years from the closing date and Each FT Unit Warrant entitles its holder to acquire one additional common share at a price of CAD 0.12 for a period of two years from the closing date.

On the same date, the company issued 3,065,000 units at a price of CAD 0.08 per Unit, for aggregate gross proceeds of CAD 245,200, and 985,000 flow-through units at a price of CAD 0.10 per FT Unit, for aggregate gross proceeds of CAD 98,500; aggregate gross proceeds of CAD 343,700 in the first tranche. Each of the Units is comprised of one common share and one common share purchase warrant and each of the FT Units is comprised of one common share and one-half of a common share purchase warrant. Each Unit Warrant entitles its holder to acquire one additional common share at a price of CAD 0.12 for a period of three years from the closing date and Each FT Unit Warrant entitles its holder to acquire one additional common share at a price of CAD 0.12 for a period of two years from the closing date. The transaction included participation from two directors purchased indirectly, an aggregate of 340,000 Units for a total consideration of CAD 27,200, as follows 4470524 Canada Inc., a company controlled by Jean Rainville, purchased 40,000 Units at a price of CAD 0.08 per Unit and 6988024 Canada Inc, a company controlled by Sylvain Champagne, purchased 300,000 Units at a price CAD 0.08 per Unit.

Immediately after the closing of the transaction Rainville owned, directly and indirectly, 729,000 common shares, 315,000 common share purchase warrants and 975,000 stock options and Champagne owned, directly and indirectly, or exercise control over 2,323,286 common shares, 905,643 common share purchase warrants and 960,000 stock options. As a result of the first closing of the private placement, there are 104,518,793 common shares of company issued and outstanding. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on October 10, 2023.

Additional closings of the private placement may be held until July 24, 2023, subject to a maximum of 3,185,000 Units at a price of CAD 0.08 per Unit for the gross proceeds of CAD 254,800 and a maximum of 4,015,000 FT Units at a price of CAD 0.10 per FT Unit for the gross proceeds of CAD 410,500to subscribers in Québec, for total maximum gross proceeds of CAD 656,300.