January 10, 2018 - Minfocus Exploration Corp. (TSX-V: MFX) (“Minfocus” or “Company”) announces that the Board of Directors has recently undertaken a review of various alternatives for advancing Minfocus which included discussions with potential investors. In the course of that review, and as a result of discussions with potential investors, the Board of Directors of Minfocus received a proposal for a transaction from a group (“Offeror”) that, if accepted, would have resulted in the dilution of existing shareholders and a reverse takeover of the Company.
The Board formed a Special Committee (“SC”) of its independent directors to consider the merits of the proposal and advise the Board. After consideration of the SC’s deliberations, the consensus of the Board was that the offer for Minfocus required changes. The Offeror rejected the principal changes to the proposal requested by Minfocus. As result, the offer has not been approved by the Board of Minfocus. In addition, Minfocus’ Board has decided that an application to the Canadian Securities Exchange is not in the best interests of the Company at this time.
Following the Board of Directors decision to not approve the offer received, Gerald Harper and Brian Howlett have resigned their respective positions as an officer and directors of Minfocus, effective immediately. Graham Wilson and Phil D’Mello remain as independent directors. Effective immediately, Kenneth de Graaf, a current director, has been appointed as the new President and CEO of Minfocus.
The Minfocus Board believes strongly that changes to enhance the value of Minfocus are in the best interests of the Company. Board members will undertake an immediate strategic review of all mineral property assets in Minfocus’ portfolio and to consider new alternatives for enhancing the value of Minfocus and assess the exploration and development strategies to extract increased value for the existing mineral property portfolio.
We wish to express our appreciation to both departing directors for their contributions and service to Minfocus. Gerald Harper was the founder of Minfocus in the 1990’s as a private venture and was actively involved in the evolution of both its corporate affairs and its field exploration programs, a hallmark of the skilled and successful technical team forming the core of Minfocus’ Board of Directors.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including zinc and nickel projects in British Columbia and a Platinum Group Element (“PGE”) rich nickel 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 Pt-Pd-Cu-Ni 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.