Champion Minerals buys common shares, units of one share, one warrant
By Devika Patel
Knoxville, Tenn., May 18 - Fancamp Exploration Ltd. said it raised C$5 million in a private placement of units and stock with Champion Minerals Inc.
The company sold 10 million units of one common share and one warrant at C$0.30 per unit and 8 million common shares at C$0.25 per share.
Each whole warrant is exercisable at C$0.60 for between two and one-half years to three years. The strike price reflects a 160.87% premium to the May 17 closing share price of C$0.23. The price per share is an 8.7% premium to that price.
Champion also acquired Fancamp's 17.5% joint venture interest in the Fermont Properties in the Fermont iron ore district in Quebec. The acquisition was paid for by Champion issuing 14 million common shares and 7 million warrants to Fancamp. These warrants are each exercisable at C$3.00 for between two and one-half years to three years. The placement was conducted in connection with the acquisition.
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 one warrant, common stock
|
| Amount: | C$5 million
|
| Investor: | Champion Minerals Inc.
|
| Settlement date: | May 18
|
| Stock symbol: | TSX Venture: FNC
|
| Stock price: | C$0.23 at close May 17
|
| Market capitalization: | C$20.97 million
|
|
|
| Units
|
| Amount: | C$3 million
|
| Units: | 10 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Between two and one-half years to three years
|
| Warrant strike price: | C$0.60
|
|
|
| Shares
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| Amount: | C$2 million
|
| Shares: | 8 million
|
| Price: | C$0.25
|
| Warrants: | No
|
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