Fokus Mining to acquire assets from Visible for $3M
Executive Summary
- Fokus Mining Corp. entered into an asset purchase agreement to acquire a 100 % interest in six properties and a 40 % interest in a seventh (Capricorn) for total consideration of approximately $3 million.
- The transaction will increase Fokus’s land holdings from 3,086 ha to 9,559 ha along the Cadillac‑Larder Lake fault, tripling its ground base and adding high‑potential adjacent projects to its flagship Galloway gold project.
- Consideration consists of $750k cash at closing, issuance of 10–12.5 million Fokus common shares valued at $1.5 million, and a further $750k cash payment three months after closing; the deal is subject to TSX‑V and other regulatory approvals.
Key Details
- Parties & Agreement:
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Fokus Mining Corp. (buyer) – Asset Purchase Agreement dated Aug 11 2025 with Visible Gold Mines Inc. (seller).
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Properties Acquired:
- 100 % interests: Cadillac Break, Lucky Break, Silidor, Stadacona, Wasa Creek, Wasa East.
- 40 % interest: Capricorn project.
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Combined area: 6,473 ha covering 215 exclusive exploration rights.
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Consideration Structure (≈ $3 M total):
1. Cash at Closing: $750,000.
2. Equity Issuance: Common shares of Fokus valued at $1.5 million, based on VWAP over the five trading days preceding closing; minimum 10 M shares, maximum 12.5 M shares.
3. Cash Post‑Closing: Additional $750,000 payable three months after closing. -
Strategic Impact:
- Land base expands to 9,559 ha along a prolific gold belt within 25 km of the Galloway project.
- Adds potential extensions to the Hendrick deposit (Cadillac Break) and proximity to Agnico Eagle’s Wasamac project.
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Historical resources: Stadacona‑East (163,815 oz Au at 5.19 g/t), Silidor & Capricorn drilling highlights (e.g., 2.20 g/t Au over 13 m).
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Closing Timeline: Expected on or before Sept 30 2025, subject to TSX‑V and other regulatory approvals; Visible Gold may need shareholder approval under TSX‑V rules.
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Qualified Person: Gilles Laverdière, P.Geo (OGQ 00161), reviewed and approved the technical content per NI 43‑101.
Notable Quotes
“This acquisition is a great addition in Fokus's growth strategy. With a single transaction, we triple our land package and secure highly prospective ground adjacent to both our Galloway project and advanced‑stage deposits like Wasamac.” – Philippe MacKay, President & CEO, Fokus Mining Corp.