By Jennifer Chiou
New York, Dec. 5 - Fancamp Exploration Ltd. said it wrapped a C$1 million tranche of its previously announced C$2.25 million non-brokered private placement of units.
The company sold 4 million flow-through units at C$0.25 apiece to MineralFields Group.
Each unit consists of one flow-through common share and one half-share warrant.
When the placement was announced on Sept. 19, the company said it would raise C$2 million in a non-brokered private placement of flow-through units and C$250,000 in a private placement of non flow-through units. The company had planned to sell 4 million flow-through units at C$0.50 apiece.
As previously noted, the company will conduct another offering on the same terms of 500,000 non flow-through units priced at C$0.50 per unit. Each of these units consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.50 for two years, down from C$0.75.
If, over a 30 consecutive trading day period, the company's common shares close at C$1.00 or higher, the warrants may expire sooner.
Proceeds will be used for exploration.
The company noted that a finder's fee of 8% in cash and 10% in options for units will be paid to eligible finders in relation to this financing.
Based in Vancouver, B.C., Fancamp is a junior mining company with interests in iron titanium, nickel, gold and uranium properties.
| Issuer: | Fancamp Exploration Ltd.
|
| Issue: | Units of one flow-through common share and a half-share warrant, non flow-through units of one common share and one half-share warrant
|
| Amount: | C$1 million in second tranche
|
| Flow-through units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Investor: | MineralFields Group
|
| Pricing date: | Sept. 19
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.42 at close Sept. 18
|
| C$0.18 at close Dec. 5
|
| Market capitalization: | C$6.38 million
|
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