Formation Minerals, Inc. (OTCPK:FOMI) will look for acquisitions. The company reported that, on May 21, it sold five non-core lower performing assets for $140,000 to a private buyer. Scott Cox, President and Chief Executive Officer said, "We plan to reinvest the net proceeds from this transaction, and we continue to evaluate a number of potential acquisitions as we continue to execute on our business plan, including raising responsible capital to deploy into strategic and accretive acquisitions for our existing portfolio, to maximize stockholder value".