Gold Mines Visible has declared the sale of its properties to Fokus Mining Corporation for a consideration value of $3 million.
Visible Gold Mines Inc. and Fokus Mining Corporation Announce Asset Purchase Agreement
Visible Gold Mines Inc. and Fokus Mining Corporation have entered into an asset purchase agreement, with Visible Gold set to sell a package of properties near Rouyn-Noranda, Quebec, Canada. The properties include a 100% interest in six projects – Cadillac Break, Lucky Break, Silidor, Stadacona, Wasa Creek, and Wasa East – as well as a 40% interest in the Capricorn project. Together, these properties cover 6,473 hectares and 215 exclusive exploration rights.
The total consideration for the acquisition is approximately $3,000,000. This includes a cash payment of $750,000 at closing, the issuance of Fokus common shares valued at $1,500,000, and an additional cash payment of $750,000 three months after closing. The number of shares issued will be determined based on the volume-weighted average trading price of Fokus shares on the TSX Venture Exchange over the five business days before closing, subject to a minimum of 10,000,000 shares and a maximum of 12,500,000 shares.
The agreement was dated August 11, 2025, and while the exact closing date is not specified, the payment structure suggests it is expected to occur soon after the agreement date. The transaction is subject to regulatory approval, including that of the TSX Venture Exchange, and the Corporation may be required to obtain shareholder approval.
This acquisition significantly expands Fokus Mining's land holdings in a highly prospective gold region. The properties are adjacent to major gold deposits such as Agnico Eagle's Wasamac project and Fokus' Galloway Project.
The transaction and agreement contain forward-looking statements, which may not necessarily be accurate indicators of future events. The Corporation's Annual Report for the fiscal year ended July 31, 2024, is available on SEDAR+ at www.sedarplus.ca. The closing of the transaction is expected to occur on or before September 30, 2025.
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