Flow-through and common shares sold to Magpie Mines at premium
By Devika Patel
Knoxville, Tenn., April 8 - Fancamp Exploration Ltd. said it has arranged a private placement of stock through agents Industrial Alliance Securities and Secutor Capital Management Corp. The C$10 million deal will be conducted on a commercially reasonable-efforts basis.
The company will sell 10 million flow-through common shares at C$0.70 per flow-through share and 6 million common shares at C$0.50 apiece to the Magpie Mines Inc.
The prices per share reflect 42.86% and 2.04% premiums, respectively, to the April 7 closing share price of C$0.49.
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: | Flow-through common shares, common shares
|
| Amount: | C$10 million
|
| Warrants: | No
|
| Agent: | Industrial Alliance Securities and Secutor Capital Management Corp.
|
| Investor: | The Magpie Mines Inc.
|
| Settlement date: | April 8
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.49 at close April 7
|
| Market capitalization: | C$23.33 million
|
|
|
| Flow-through shares
|
| Amount: | C$7 million
|
| Shares: | 10 million
|
| Price: | C$0.70
|
|
|
| Non flow-through shares
|
| Amount: | C$3 million
|
| Shares: | 6 million
|
| Price: | C$0.50
|
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