Fancamp Exploration Ltd. Closes Second Tranche of Oversubscribed Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/16/11 -- Fancamp Exploration Ltd. (TSX VENTURE: FNC) (the "Company") is pleased to announce the completion of the second tranche of the previously announced private placement financing (the "Offering") with Industrial Alliance Securities Inc. and Secutor Capital Management Corporation (collectively, the "Agents"). The Offering was oversubscribed and a total of $1,121,550.78 was raised through the sale of 2,702,532 flow-through units ("FT Units") at a price of $0.415 per FT Unit. Pursuant to the completion of the second tranche of the Offering, the Company has issued a total of 15,249,498 FT Units and 1,000,000 non flow-through units for aggregate gross proceeds of $6,648,541.67.
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 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 May 29, 2013.
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.
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 FT Units sold pursuant to the Offering, exercisable at $0.415 per share 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 April 17, 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: 16.12.2011 - 21:38 Uhr
Sprache: Deutsch
News-ID 98047
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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