Fancamp Exploration arranges $1.79-million FT offering

2009-12-14 14:39 ET - News Release

Mr. Peter Smith reports

FANCAMP ANNOUNCES FLOW-THROUGH FINANCING

Fancamp Exploration Ltd. has arranged a new financing of $1,793,500 through the sale of 3,587,000 flow-through units at 50 cents per flow-through unit. Each unit will consist of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share at a price of 75 cents per share for two years from the closing date, subject to earlier forced acceleration, in the event the company's shares close at a price of $1 per share or more for 30 consecutive trading days.

Fancamp will pay finders' fees of 10 per cent in cash to eligible arm's-length finders, and 8 per cent in cash and 10 per cent in finders' options to other eligible arm's-length finders, in relation to this financing, all in accordance with regulatory policies.

The flow-through proceeds received will be used for work on the company's exploration properties in Quebec ($1.09-million) and Ontario ($703,500). The above is subject to regulatory approval.

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