Fancamp Provides Management Cease Trade Order Status Update

VANCOUVER, British Columbia, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).

As previously announced on August 29, 2023 (the “Announcement”), the Company had been granted a management cease trade order (“MCTO”) by the British Columbia Securities Commission (the “BCSC”) due to a delay in filing of the audited consolidated financial statement for the year ended April 30, 2023, annual management’s discussion and analysis for the same period and management certifications of annual filings (collectively, the “Annual Filings”) beyond the deadline of August 28, 2023 prescribed by Canadian securities laws. The MCTO was granted by the BCSC on August 29, 2023. The MCTO prohibits the Company’s management from trading in the securities of the Company until such time as the Annual Filings are filed. The MCTO does not affect the ability of any other shareholders of the Company to trade securities of the Company.

Fancamp and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The ongoing auditor review is primarily related to the 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. Upon completion of the auditor’s internal review process, the Annual Filings will be filed on SEDAR+ (www.sedarplus.ca).

The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the “alternative information guidelines” under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.