VANCOUVER, British Columbia, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX VENTURE: FNC) is pleased to announce a non-brokered private placement financing (the “Private Placement”) of up to 3,125,000 flow-through shares of the Company at a price of Cdn$0.08 per share and of up to 2,666,667 flow-through shares of the Company at a price of Cdn$0.075 per share (collectively, the “Offering”), for gross proceeds of up to Cdn$450,000. The directors of Fancamp have approved the Offering.
Subject to TSX Venture Exchange (the “Exchange”) acceptance, the Company anticipates closing the Private Placement in late December 2019.
All securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada.
The Company intends to use the gross proceeds raised from the Offering for the purpose of conducting qualifying exploration expenditures on its properties in Québec, Ontario and New-Brunswick.
In connection with the Private Placement, Fancamp has agreed to pay finder’s fees in an amount of up to Cdn$31,500 in cash and up to 405,417 compensation options to purchase common shares (“Finder’s Warrants”). The Finder’s Warrants will entitle the holder thereof to purchase one common share of the Company and will be exercisable for a period of 24 months following the closing of the Private Placement. Subject to the closing of the Private Placement and to the Exchange’s acceptance, Laurentian Bank Securities Inc. will receive up to Cdn$8,750 and up to 109,375 Finder’s Warrants, each exercisable at a Cdn$0.10; Leede Jones Gable Inc. will receive up to Cdn$8,750 and up to 109,375 Finder’s Warrants, each exercisable at a Cdn$0.10; and EMD Financial Inc. will receive up to Cdn$14,000 and up to 186,667 Finder’s warrants, each exercisable at Cdn$0.075.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United states, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Fancamp Exploration Limited (FNC.V)
Fancamp is a public company using a value added strategy based on the acquisition of potentially valuable assets, adding value through the selection process itself and subsequent development work, self-financed or otherwise, followed by disposition, proceeds from which, are used to finance the same process multiple times. The Company has an exceptional inventory of resource properties in Québec, Ontario and New Brunswick; commodities of interest include gold, rare earth elements, strategic metals, base metals, chromium, titanium, iron and silica. In addition, the Company has begun to build on the industrial possibilities inherent in dealing with some of these materials. The Company is a reporting issuer in British Colombia, Ontario and Québec and its common shares are listed for trading on the TSX Venture Exchange under the symbol FNC.
For further information, please contact
Peter H. Smith PhD., P.Eng.(Ont) – President 1-514-481-3172
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.