By Devika Patel
Knoxville, Tenn., July 21 - Fancamp Exploration Ltd. said it will raise C$1 million in a non-brokered private placement of units.
The company will sell 1,515,152 units at C$0.66 apiece on a best-efforts basis.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.80 for two years.
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 and general working capital.
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 common share and a half-share warrant
|
| Amount: | C$1 million
|
| Units: | 1,515,152
|
| Price: | C$0.66
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | July 21
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.85 at close July 20
|
| Market capitalization: | C$27.5 million
|
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