|By Marketwired .||
|August 23, 2013 05:17 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/23/13 -- Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE:FNC) is pleased to announce that it has completed a second tranche of its non-brokered private placement publicly announced via press release on August 14, 2013 (the "Private Placement"), raising gross proceeds of C$50,000 (the "Second Tranche"). Secutor Capital Management Corporation acted as the lead finder in connection with the Second Tranche.
Mr. Jean Lafleur, M.Sc., P.Geo., President and CEO of Fancamp stated, "The aggregate proceeds raised from the offering will be used primarily for the continued advancement of the Company's Quebec based projects which will help in the sustained organic growth of the Company and quality asset acquisitions in the Fermont-Schefferville Iron Camps, eventually leading to an increase in our valuation in respect to the current trading price well below our liquidity position."
Pursuant to the Second Tranche, Fancamp issued C$50,000 of units (the "Units") of the Company at a price of C$0.05 per Unit. Each Unit consists of one (1) common share and one (1) common share purchase warrant (a "Warrant") of Fancamp. Each Warrant entitles the holder thereof, during a period of (18) months from the date of closing of the Second Tranche, to purchase one (1) additional Fancamp common share at an exercise price of C$0.10.
A finder's fee equal to 7% of the gross proceeds of the Second Tranche was paid to Secutor Capital Management Corporation. The Company also issued 70,000 finder's warrants (the "Finder's Warrants") representing 7% of the total securities sold pursuant to the Second Tranche. Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.06 per common share for a period of eighteen (18) months following the closing date of the Second Tranche.
The securities issued under the Second Tranche are subject to a 4-month hold period ending December 24, 2013.
About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)
Fancamp Exploration Ltd., is a Canadian junior mineral exploration company with an exceptional inventory of resource projects at various stages of development covering more than 1,710 km2 in three provinces. The commodities include hematite magnetite iron formations, titaniferous magnetite and hematite, nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold. The Company is focused on enhancing shareholder value by identifying and acquiring early-stage projects with excellent mineral potential; advancing them to the next decision stage with efficient exploration; selling, optioning or joint venturing them to solid partners for cash and shares of the partnering companies and inheriting a significant royalty on future production.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Fancamp Exploration Ltd.
Jean Lafleur, M. Sc., P. Geo.,
President and CEO, Director
+1 514 975 3633
Fancamp Exploration Ltd.
+1 647 500 6023
Aberdeen Gould Advisory Services Ltd.
+1 416 488 2887 x222