Proceeds used for property exploration and general working capital
By Devika Patel
Knoxville, Tenn., March 14 - Fancamp Exploration Ltd. said it has increased the size of a private placement of units and stock it is conducting through agents Secutor Capital Management Corp. and Industrial Alliance Securities Corp. The deal priced for C$5 million on Feb. 7 and will now raise C$9.72 million.
The company is selling 1,465,667 units of one common share and one half-share warrant at C$0.75 per unit on a commercially reasonable-efforts basis. Each whole warrant is exercisable at C$0.90 for two years. The strike price reflects a 21.62% premium to the Feb. 4 closing share price of C$0.74.
Fancamp also is selling 10,777,500 flow-through common shares at C$0.80 per share. The price per share is an 8.11% premium to the Feb. 4 closing price.
Settlement is expected March 21.
Proceeds will be used for exploration on the company's Ontario and Quebec properties as well as for 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, flow-through shares
|
| Amount: | C$9,721,250
|
| Agents: | Secutor Capital Management Corp. and Industrial Alliance Securities Corp.
|
| Pricing date: | Feb. 7
|
| Upsized: | March 14
|
| Settlement date: | March 21
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.74 at close Feb. 4
|
| Market capitalization: | C$25.66 million
|
|
|
| Units
|
| Amount: | C$1,099,250
|
| Units: | 1,465,667
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
|
|
| Shares
|
| Amount: | C$8,622,000
|
| Shares: | 10,777,500
|
| Price: | C$0.80
|
| Warrants: | No
|
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