Major Shareholder, Sasco Partners LP, Reports the Private
Major Shareholder, Sasco Partners LP, Reports the Private Sale of 5.0 Million Shares of Minfocus and 2.0 Million of the Shares Purchased by Minfocus Directors
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/02/13 -- Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") announces it has been advised that Sasco Partners LP ("Sasco") has reported that, during the month, on or before December 31st, 2012, it completed the private sale of 5.0 million shares of its holdings in Minfocus at a price of $0.035 per share ("Sasco Shares") as part of their year-end tax-loss selling program. The 50-day moving average price of Minfocus shares traded, as of December 31, 2012, was $0.036 per share and a total volume of 170,000 Minfocus shares were traded on the TSXV for the month of December.
In January 2012, Sasco subscribed for 6.0 million units of Minfocus in the private placement carried out concurrently with the completion of the Qualifying Transaction of Minfocus on the TSXV. Sasco now holds a remaining 1.0 million shares in Minfocus and 3.0 million share purchase warrants.
Further to the sale of the Sasco Shares, Minfocus advises that it has been reported that two Minfocus Directors were purchasers of a total of 2.0 million of the Sasco Shares sold. The other shares were purchased by non-insiders of Minfocus.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently focused on the continued growth of a portfolio of Platinum Group Element ("PGE") rich resource assets through exploration, acquisitions and joint ventures in Northwest Ontario, Canada, which is one of the most stable mining districts in the world with global class PGE deposits. Minfocus has a distinguished management group with a record of multiple discoveries of deposits worldwide, and more than 15 years experience and success exploring for PGE-rich resources in Ontario, including the discovery of the first Platinum-rich PGE deposit, the Panoramic Resources' Current Lake deposit (+700,000 oz Pt-Eq). The Minfocus management group also has extensive strength and success in corporate development, M&A and project development, which together with its technical prowess is aimed at delivering growth in shareholder value through a balanced strategic approach.
This pres s 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.
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.
Contacts: Minfocus Exploration Corp. Kenneth de Graaf Senior Vice President (416) 232-0025