Fancamp Exploration Ltd. Closes First Tranche of Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/11 -- Fancamp Exploration Ltd. (TSX VENTURE: FNC) (the "Company") is pleased to announce the completion of the first tranche of the previously announced private placement financing (the "Offering") with Industrial Alliance Securities Inc. and Secutor Capital Management Corporation (collectively, the "Agents"). A total of $5,526,990.89 was raised through the sale of 1,000,000 units (the "Units") at a price of $0.32 per Unit and 12,546,966 flow-through units ("FT Units") at a price of $0.415 per FT Unit.
Each FT Unit consisted of one "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Unit consisted of one common share and one Warrant. Each Warrant entitles the holder to acquire one common share of the Company (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.
The Company intends to use the proceeds raised from the issuance of the FT Units to incur exploration expenditures on the Company's properties in the province of Quebec (the "Quebec Properties") and exploration expenditures on the Company'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 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.
The Company has paid to the Agents a cash commission equal to 6% of the gross proceeds of the Offering raised by the Agents. As additional consideration, the Company has issued compensation options to the Agents to purchase that number of common shares of the Company equal to 6% of the total number of Units and FT Units sold pursuant to the Offering, exercisable at the offering prices pro rata in whole or in part on the same terms and conditions as the Offering for a period of 18 months following the closing of the Offering. All securities issued bear resale restrictions until March 30, 2012.
Fancamp Exploration Ltd.
Peter H. Smith, PhD, P.Eng, President and Director
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.
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: 29.11.2011 - 20:52 Uhr
Sprache: Deutsch
News-ID 92213
Anzahl Zeichen: 4520
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"Fancamp Exploration Ltd. Closes First Tranche of Private Placement"
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