Minfocus Exploration Corp. (TSXV:MFX)'s 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 received a proposal for a transaction from a group 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 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, the board has decided that an application to the Canadian Securities Exchange is not in the best interests of the company at this time.