Fancamp Closes $4.56 Million Private Placement

VANCOUVER, British Columbia, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX Venture Exchange: FNC) is pleased to announce that is has closed a non-brokered private placement for aggregate gross proceeds to the Company of $4,561,581 (the “Private Placement”).

Under the Private Placement, the Company has issued a total of: (i) 4,000,000 common shares of the Company (“Common Shares”) qualifying as “flow-through shares” (“FT Shares”) for the purposes of the Income Tax Act (Canada)(the “Act”) at a price of $0.0875 per FT Share for gross proceeds of $350,000 (the “FT Offering”); and (ii) 60,165,455 Common Shares at a price of $0.07 per Common Share for gross proceeds of $4,211,581 (the “NFT Offering”). All securities issued pursuant to the Private Placement are subject to a hold period of four months and one day expiring on April 22, 2024.

The aggregate gross proceeds from the FT Offering will be used to incur “Canadian exploration expenses” which qualify as “flow-through critical mineral mining expenditures” (within the meaning of the Act) (“Qualifying Expenditures”) in order to fund exploration programs on the Company’s Grasset and Dileo mineral properties located in the Province of Québec, and which Qualifying Expenditures will be renounced to subscribers with an effective date of no later than December 31, 2023.

The aggregate gross proceeds from the NFT Offering will be used to fund exploration programs on the Company’s mineral properties, including the Stoke property and the Clinton property located in the Québec Appalachian region, the Grasset and Dileo properties, located in Québec, to fund the Company’s share of exploration work on the joint venture with Platinex Inc. on the Shining Tree property located in Ontario and for general working capital purposes.

In connection with the closing of the Private Placement, the Company paid finder’s fees in cash to Haywood Securities Inc. (“Haywood”) totalling $36,761.22 representing 6% of the proceeds raised from the sale of Common Shares placed by Haywood and issued to Glores Securities Inc. (“Glores”) 250,000 Common Shares (the “Finder’s Shares”) representing 5% of the gross proceeds raised from the sale of FT Shares placed by Glores issued at a deemed price of $0.07 per Finder’s Share.