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Minfocus Exploration Announces Second Tranche Closing of Private Placement
TORONTO, ON--(Marketwired - July 13, 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 13, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) (\"Minfocus\" or the \"Company\") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement of up to 10,000,000 units for gross proceeds of up to $250,000 (See June 21 2016 news release). The second tranche of the private placement closed subscriptions representing 5,380,000 units and proceeds of $134,500. The second tranche closing comprised subscriptions for $33,500 in non-flow-through units (\"NFT Units\") and $101,000 in flow-through units (\"FT Units\"). To date, a total of $219,500 in gross proceeds has been raised. An Insider, Gerald Harper, President and CEO, who is also a Control Person of Minfocus under TSXV Policy, subscribed for 972,000 NFT Units and 428,000 FT Units representing a total of $35,000 of the second tranche proceeds. A finder's fee of $7,160 was paid on a portion of the second tranche subscriptions and 286,400 finder's warrants were issued at an exercise price of $0.10 per share, 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. Additional Finders' Fees may be paid in accordance with TSXV policy upon further tranche closings. Coral Zinc Project Initial Drilling Program The Coral 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. Minfocus has been granted a two-year Mines Act permit authorizing drilling at up to 10 drilling sites. Minfocus has contracted with a drilling company to mobilize a lightweight diamond drill to the property in order to minimize the environmental impact of the work. 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 ...