Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

December 02, 2009 14:45 ET

Fancamp Closes Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 2, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. (the "Company") wishes to announce the closing of a non-brokered private placement of $450,000 through the sale of 900,000 flow-through units (the "FT Units") at $0.50 per FT Unit. Each FT Unit consists of one flow-through common share, and one-half of one non flow-through share purchase warrant (the "Warrants"). Each whole Warrant is exercisable to acquire one additional common share at a price of $0.75 per share for two years from the closing date, subject to earlier forced acceleration in the event the Company's shares close at a price of $1.00 per share or more for 30 consecutive trading days. The shares are subject to a four month hold period expiring March 28, 2010. Finders Fees of 10% have been paid to eligible finders.

The proceeds will be used for continued exploration of the Company's Beauce Gold Property, located some 100 km south of Quebec City. This property lies within the Appalachian Mountain trend and includes most of the historic Gilbert River placer gold resource, the site of Canada's first major gold rush in the 1840's and 50's. Bedrock sources of this gold have yet to be identified, but analysis of recent company flown aeromagnetic surveys, together with ground geophysics and historical geochemical surveys, have indicated a large number of prospective and untested targets.

Warrants for the purchase of up to 400,000 common shares, at a price of $0.50 per share, have been exercised. The $200,000 proceeds will be added to the Company's general working capital.

ON BEHALF OF THE BOARD

Peter H. Smith, PhD., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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