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Fancamp Exploration Ltd. Closes Non-Brokered Private Placement
By: Marketwired .
Dec. 21, 2012 07:29 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/12 -- Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Issuer") is pleased to announce the completion of the previously announced non-brokered private placement financing of 8,200,200 flow-through units ("FT Units") at a price of $0.165 per FT Unit for aggregate gross proceeds of up to $1,353,033 (the "Offering"). Marquest Capital Markets (the "Finder") has been paid a cash commission equal to 6% of the gross proceeds of the Offering.
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 a Warrant. Each whole Warrant shall entitle the holder thereof to acquire one additional common share of the Issuer (on a non-flow-through basis) at a price of $0.25 until December 21, 2013. All securities issued bear resale restrictions until April 22, 2013.
The Issuer intends to use the proceeds raised from the issuance of the FT Units to incur additional exploration expenditures on the Issuer's properties in the province of Quebec. Such exploration expenditures will constitute "Canadian exploration expenses" and "flow through mining expenditures", as defined under the Income Tax Act (Canada), which can be renounced to Canadian purchasers of the FT Units for the 2012 taxation year. FT Unit investors who are eligible residents of Quebec will also be entitled to receive Quebec provincial tax credits for qualified exploration expenditures.
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, there is the South Lamelee Iron Property resource, close to the operating Arcelor Mittal Fire Lake Mine and the adjoining Champion Minerals/Fancamp flagship Fire Lake North Project; as well as the promising Stoke Mountain Phelps Dodge Copper Zone; and other grass roots projects in the Quebec Appalachians.
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, Chairman 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.
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