Fancamp Exploration Ltd. (TSX VENTURE:FNC - News): Fancamp
Exploration Ltd. (the "Company") is pleased to announce the
completion of the final tranche of the brokered private placement originally
announced on December 7, 2010 with Secutor Capital
Management Corporation and Industrial Alliance Securities Inc. (collectively,
the "Agents"). The Company issued 1,080,000 flow-through units (the
"FT Units") at $0.65 per FT Unit and 289,000 units
("Units") at $0.52 per Unit for aggregate gross proceeds of
approximately $852,280 (the "Offering").
Each FT Unit consists of one common
share of the Company, issued as a "flow-through share" within the
meaning of the Income Tax Act (Canada) and one-half of one common share
purchase Warrant (each whole warrant, a "Warrant"). Each Unit
consists of one common share of the Company and one-half of one Warrant. Each
whole Warrant entitles the holder to acquire a common share of the Company at
a price of $0.90 per share until June 30, 2012, subject to earlier forced
acceleration in the event the Company's shares close at a price of $1.30 per
share or more on the TSX Venture Exchange for 20 consecutive trading days
after the expiry of a four month hold period.
The Company paid the Agents and a
selling group member a cash commission equal to 7% of the gross proceeds of
the Offering and issued to the Agents and their selling group member (i) an aggregate number of non-transferrable broker
warrants to acquire that number of Units that is equal to 7% of the total
number of FT Units sold, exercisable at a price of $0.65 per Unit until June
30, 2012, and (ii) an aggregate number of non-transferable broker warrants to
acquire that number of Units that is equal to 7% of the total number of Units
sold, exercisable at a price of $0.52 per Unit until June 30, 2012.
All of the above securities are subject
to a four-month plus one-day hold period expiring May 1, 2011 in accordance
with applicable securities laws and stock exchange rules.
The Company will use the proceeds from
the sale of the FT Units for exploration on the Company's mineral properties
in Quebec and the proceeds from the sale of the Units for general working
capital purposes.
ON BEHALF OF THE BOARD
Peter H. Smith, PhD., P.Eng., President
S.E.C. Exemption: 12(g)3-2(b)
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Peter H. Smith, PhD., P.Eng.
Fancamp Exploration Ltd.
President
514-481-3172
www.fancampexplorationltd.ca |