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Minfocus Exploration Announces Closing of Final Tranche of Private Placement
TORONTO, ON--(Marketwired - July 15, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) ("Minfocus" or the "Company") is pleased to announce that it has clos
About this update from Q2 Metals Corp
[{"type":"text","content":"TORONTO, ON--(Marketwired - July 15, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) (\"Minfocus\" or the \"Company\") is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement of up to 10,000,000 units for gross proceeds of $250,000 (See June 21 2016 news release). The final tranche of the private placement closed subscriptions representing 1,220,000 units and proceeds of $30,500. The final tranche closing comprised subscriptions for $30,500 in non-flow-through units (\"NFT Units\"). This brings the total gross proceeds to $250,000. An insider, Gerald Harper, President and CEO, who is also a Control Person of Minfocus under TSXV Policy, subscribed for 240,000 NFT Units representing a total of $6,000 of the final tranche proceeds. Another insider subscribed for 180,000 NFT Units. A finder's fee of $800 was paid on a portion of the final tranche subscriptions and 32,000 finder's warrants were issued, which are exercisable for a period of 24 months, subject to an Accelerated Exercise Provision. The use of proceeds from the private placement will be used primarily by Minfocus to undertake a drilling program on its CORAL zinc project in British Columbia and to pay current trade payables and unrelated party overhead expenses. This private placement has received Conditional Acceptance from the TSX Venture Exchange, but remains subject to final acceptance by the Exchange. Coral Zinc Project Initial Drilling Program A British Columbia drilling contractor is mobilizing a drill rig to the property. The property has historic core drilling and trenching intersecting mineralized breccias containing zinc and lead values of up to 7.8% zinc in carbonate rocks analogous to the Pine Point deposits, a low-iron Mississippi-Valley-Type geological environment. Minfocus has been granted a two-year Mines Act permit authorizing drilling at up to 10 drilling sites. Minfocus' geological consultant and one of the original discoverers of the CORAL deposit, Dr. F. T. Manns, will be active on-site during the duration of the initial drill program at the Coral Zinc project. The primary drilling target is the large (600m x 300m) zinc geochemical anomaly (15-50 times background zinc levels) with outcropping zinc mineralized brecciated dolostone at its edge. The target zinc anomaly is 100-150 metre...