Minfocus Announces Appointment to Advisory Board and Corporate Update
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSXV: MFX) (“Minfocus” or “Company”) is pleased to announce the appointment to the Minfocus Advisory Board of Mr. John G. Booth, B.Sc.(Hons), LLB, JD, LLM. He is a recognized corporate financier and lawyer, who brings a depth of experience in corporate finance and an extensive network of financial contacts in the UK, Europe and North America to the Minfocus Advisory Board. The Minfocus Board looks forward to his valuable advice and insights as it continues to review and evolve Minfocus’ strategic corporate direction.
Minfocus Advisory Board
Mr. John G. Booth is a qualified lawyer (ON, NY & DC) and an entrepreneur, corporate financier and director with over 25 years of international experience in financial services and natural resource investments. In the past 20 plus years, he has also served as non-executive chairman or director of various public and private companies and environmental charities. He is currently non-executive chairman of Laramide Resources (TSX/ASX: LAM), and non-executive director of European Electric Metals (TSXV: EVX), Genius Resources (CSE: GNI) and CUB Energy (TSXV: KUB)
His past experiences include his position with the tax group of the non-dollar derivatives desk at Merrill Lynch International in 1990. Two years later he co-founded the structured finance desk at ICAP. In 1993 he co-founded CEDEF Finance, which he left in 1996 before joining ABN AMRO Bank NV as manager of financial engineering. In 1998, he co-founded Midpoint (TSXV: MPT), the world’s first peer to peer foreign currency exchange and served as Chairman and CEO until the end of 2015. From 2004-12 he was also a partner and fund manager at Conservation Finance International, an alternative asset management firm focused on structured finance deals around sustainable timber and carbon. At different points he has also consulted to CIBC, the World Bank and Climate Change Capital (now part of Bunge Ltd) on strategies around Intellectual Property, Sarbanes Oxley and Carbon Adaptation.
Corporate Update – Debt Settlement and Stock Options Granted
Debt Settlement Agreements
Minfocus is also pleased to announce that it has completed agreements for the settlement of outstanding debt totaling over $94,000 including $56,400 related-party debt held by two directors and an officer in exchange for the issuance of shares at a deemed value of $0.05 per share. The debt settled also comprises approximately $56,600 in work performed and expenses incurred to the credit of the various Minfocus exploration projects and/or work commitments on earn-in option agreements related to them including services provided by independent drilling and geological contractors.
These agreements for the issuance of the shares-for-debt will not create a New Control Person as defined under TSXV policies. The completion of the shares-for-debt transactions contemplated in these agreements remain subject to the approval of the TSX Venture Exchange.
Grant of Stock Options to Directors and Officers
Minfocus announces that the Board of Directors has approved the grant of a total of 3,600,000 options exercisable at a price of $0.05 per share to its officers, directors and consultants. Upcoming in the next three months, between March and May, a total of 1,900,000 stock options granted previously will expire.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base-metal projects including three zinc projects in British Columbia and Newfoundland, an awaruite (Ni3Fe, a natural alloy) nickel project in northern British Columbia 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 (+700,000 oz. Pt-Eq).
For further information, please contact:
Kenneth B. de Graaf
President & Chief Executive Officer
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Graham C. Wilson, P.Geo.(Ont), a director of Minfocus.
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.
To view the associated document to this release, please click on the following link:
Source: Minfocus Exploration Corp. (TSX Venture:MFX)
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