Fancamp Exploration Ltd. Announces Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/11 -- Fancamp Exploration Ltd. (TSX VENTURE: FNC) ("Fancamp" or the "Issuer") is pleased to announce that it has entered into an agreement with Industrial Alliance Securities Inc. and Secutor Capital Management Corporation (the "Agents") in connection with a private placement financing of units ("Units") at a price of $0.32 per Unit and flow-through units ("FT Units") at a price of $0.415 per FT Unit for aggregate gross proceeds of up to $6,500,000.00 (the "Offering").
The Offering is being made by the Agents on a commercially reasonable efforts and is expected to close in the month of December. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.
Each FT Unit will consist of one "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), of Fancamp and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Unit will consist of one common share of Fancamp and one Warrant. Each Warrant shall entitle the holder thereof to acquire one common share of the Issuer (on a non-flow-through basis) at a price of $0.50 until the date which is 18 months following the closing of the Offering.
As compensation for the services provided by the Agents, the Issuer will pay cash commission of 6% of the gross proceeds of the Offering raised by the Agents. As additional consideration, the Issuer will issue compensation options to the Agents to purchase that number of common shares of the Issuer equal to 6% of the total number of Units and FT Units sold pursuant to the Offering, exercisable at the offering prices in whole or in part on the same terms and conditions as the Offering of Units for a period of 18 months following the closing of the Offering.
The Issuer intends to use the proceeds raised from the issuance of the FT Units to incur $4,000,000.00 of exploration expenditures on the Issuer's properties in the province of Quebec (the "Quebec Properties") and $2,000,000.00 of exploration expenditures on the Issuer's properties in the province of Ontario (the "Ontario Properties"). Such exploration expenditures on the Quebec Properties and Ontario Properties will constitute "Canadian exploration expenses" and "flow through mining expenditures", as defined in the Tax Act ("Qualifying CEE") which can be renounced to purchasers of the FT Units for the 2011 taxation year. As well, the net proceeds from the sale of the Units will be used for general corporate purposes.
ABOUT FANCAMP EXPLORATION LTD.
Fancamp Exploration Ltd. is a Canadian junior mineral exploration company with an exceptional inventory of resource projects, all in the exploration stage. In Quebec, the funds being raised are targeted on the further enlargement of the South Lamalee Iron Property resource, close to the operating Arcelor Mittal Fire Lake Mine and the adjoining Champion Minerals/Fancamp flagship Fire Lake North Project; on the promising Stoke Mountain Phelps Dodge Copper Zone, and other grass roots projects in the Quebec Appalachians. In Ontario, funds will be directed primarily at the Desolation Lake Property, an untested large kilometre scale, major conductive magnetic feature prospective for nickel bearing sulphides located in the James Bay Lowlands and covered by some 300-400 metres of Paleozoic limestone. Funds will also be directed at gold prospects on the Company's Red Paint Lake Property, covering extensions of the Marmion Lake Fault System, offsets of which immediately to the south host the Hammond Reef Gold Deposit, currently under development by Osisko Resources Ltd.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer 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.
Fancamp Exploration Ltd.
Peter H. Smith, PhD, P.Eng, President and Director
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, PhD, P.Eng.
President and Director
(604) 434-8829
(604) 433-8823 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.11.2011 - 13:30 Uhr
Sprache: Deutsch
News-ID 88482
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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