Secutor Capital, Industrial Alliance Securities were agents for deal
By Devika Patel
Knoxville, Tenn., Dec. 31 - Fancamp Exploration Ltd. said it has completed the second and final tranche of a private placement of units. The deal priced for C$4 million on Dec. 7.
Fancamp raised C$3.1 million in the first closing on Dec. 22 and C$852,280 in this tranche for a total of C$3.96 million.
The company sold 889,000 units at C$0.52 apiece. Each unit consists of one common share and one half-share warrant.
Fancamp also sold 5,372,647 flow-through units at C$0.65 apiece. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company sold 4,292,647 flow-through units and 600,000 units in the first tranche and 1.08 million flow-through units and 289,000 units in the second.
Each whole warrant is exercisable at C$0.90 until June 30, 2012. The strike price reflects an 80% premium to the Dec. 6 closing share price of C$0.50.
The deal was conducted on a commercially reasonable efforts basis by agents Secutor Capital Management Corp. and Industrial Alliance Securities Corp.
Proceeds will be used for exploration on the company's Quebec properties.
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$3,954,501
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 30, 2012
|
| Warrant strike price: | C$0.90
|
| Agent: | Secutor Capital Management Corp. and Industrial Alliance Securities Corp.
|
| Pricing date: | Dec. 7
|
| Settlement dates: | Dec. 22 (for C$3,102,221), Dec. 31 (for C$852,280)
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.50 at close Dec. 6
|
| Market capitalization: | C$23.33 million
|
|
|
| Units
|
| Amount: | C$462,280
|
| Units: | 889,000
|
| Price: | C$0.52
|
|
|
| Flow-through units
|
| Amount: | C$3,492,221
|
| Units: | 5,372,647
|
| Price: | C$0.65
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
