Fancamp Announces Delay in Filing Annual Financial Results and Issuance of Management Cease Trade Order

VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) today announced a delay in filing its audited annual financial statements and management discussion & analysis for the financial year ended April 30, 2023, and the CEO and CFO certificates, all as required by National Instrument 51-102 – Continuous Disclosure Obligations and National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Documents”).

The delay in filing the Documents is due to the Company’s auditors requiring additional time to complete their audit of the annual financial statements for the financial year ended April 30, 2023 due to, among other things, ongoing consideration and review of the accounting presentation in respect of certain of the Company’s equity security holdings and the fair value assessment of certain convertible promissory notes and warrants held by the Company.

Accordingly, the Company has informed the British Columbia Securities Commission (the “BCSC”) of its delay in filing the Documents and has applied for and been granted a management cease trade order (“MCTO”) from the BCSC pursuant to National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), pending the filing of the Documents, which MCTO prohibits the Company’s management from trading in the securities of the Company until such time as the Documents are filed. The MCTO does not affect the ability of any other shareholders of the Company to trade securities of the Company.

During the period of default and until the filing of the Documents, the Company intends to satisfy the provisions of the “alternative information guidelines” as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. The Company intends to work diligently and expeditiously with its auditors and expects to file the Documents on or around September 11, 2023.

Until the Company has filed the Documents, the Company’s management are subject to an insider trading black-out. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company's latest interim financial report. The Company is not currently subject to any insolvency proceedings.