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Minfocus Exploration Announces Private Placement With Flow-Through Shares to Initiate Drilling on Its Coral Project
TORONTO, ON--(Marketwired - May 06, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) ("Minfocus" or the "Company") is pleased to announce a non-brokered pr
About this update from Q2 Metals Corp
[{"type":"text","content":"TORONTO, ON--(Marketwired - May 06, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) (\"Minfocus\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 5,000,000 units for gross proceeds of up to $250,000, 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 $0.05 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 $0.10 per Share for a period of 12 months from the closing date. Each flow-through unit (\"FT Unit\") will be offered at a price of $0.05 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 $0.10 per Share for a period of 12 months from the closing date. A maximum of 2,000,000 FT Units will be made available for issuance. The company will write in an accelerated exercise clause for the warrants such that they will need to be force exercised if the share price exceeds $0.15 (300% of unit issuance price) for a period of ten trading days. The proceeds from the private placement will be used by Minfocus primarily to undertake a drilling program on its Coral zinc project in British Columbia and to pay for other exploration expenses. This private placement is subject to acceptance by the TSX Venture Exchange. Finders' Fees may be paid in accordance with TSX-V policy. Coral Zinc Project Initial Drilling Program The company intends to undertake a drilling program this season on its CORAL Project in east central British Columbia targeting zinc, lead and silver. 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 Mississipi-Valley-Type geological environment. Minfocus has been granted a two-year Mines Act Permit authorizing drilling at up to 10 drilling sites. The primary drilling target is the large (600m x 300m) zinc geochemical anomaly (15-50 times background zi...