Fancamp Announces Acquisition of 12.59% of Outstanding Common Shares of Champion
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/18/12 -- FANCAMP EXPLORATION LTD. (TSX VENTURE: FNC) ("Fancamp") announces the acquisition of 14,000,000 common shares (the "Champion Shares") of Champion Minerals Inc. ("Champion") and 7,000,000 non-transferrable common share purchase warrants (the "Warrants") of Champion in exchange for Fancamp's 17.5% joint venture interest in the Fermont Properties in the Fermont iron ore district in north-eastern Quebec, which was not already owned by Champion (the "Transaction"), following release from escrow today. Each Warrant entitles Fancamp to purchase one Champion Share at a price of $3.00 per share at any time between two and a half and three years after the date of issue, subject to acceleration in certain circumstances. Prior to the Transaction, Fancamp owned 1,025,000 Champion Shares and following the closing of the Transaction Fancamp owns and controls an aggregate of 12.59% of Champion Shares on a non-diluted basis.
At the time of the Transaction Fancamp intended, and it continues to intend, to hold the securities of Champion for investment purposes. Fancamp has no current intention to sell the securities of Champion held by Fancamp or to acquire ownership of, or control over, additional securities of Champion (other than with respect to the exercise of the warrants acquired in the Transaction). In accordance with a reciprocal agreement dated the date hereof between the Fancamp and Champion, Fancamp must not sell any of the Champion Shares acquired in the Transaction prior to six years from the date of issuance. The Champion Shares and Warrants issued under the Transaction are valued at $21,458,750.
About Fancamp Exploration Ltd.
Fancamp Exploration Ltd. is a Canadian exploration company with an exceptional inventory of resource projects in various stages of development, acquired usually by staking, with the Company adding value through exploration and includes the following commodities; hematite magnetite iron formations, titaniferous magnetite and hematite, nickel/copper/PGM, chromite, VMS and gold.
Please visit Fancamp's website at .
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Contacts:
Fancamp Exploration Ltd.
Peter H. Smith, Ph.D., P.Eng.
President
514-481-3172
Bay Street Connect Investor Relations
Michael D'Amico
647-500-6023
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2012 - 19:46 Uhr
Sprache: Deutsch
News-ID 148215
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 551 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Fancamp Announces Acquisition of 12.59% of Outstanding Common Shares of Champion"
steht unter der journalistisch-redaktionellen Verantwortung von
Fancamp Exploration Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
