Toronto, ON (FSCwire) - 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).
