Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

December 16, 2008 12:57 ET

Fancamp Announces Closing of Quebec Flow Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2008) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. is pleased to announce the closing of a non-brokered private placement of $150,000 through the sale of 480,000 flow-through units and 120,000 non-flow-through units at $0.25 per Unit. Each Unit consists of one common share (flow-through or non flow-through) and one-half of one non flow-through share purchase warrant (the "Warrants"). Each whole Warrant is exercisable at a price of $0.50 per share until December 15, 2010, 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 after the four month hold expires. The flow-through shares are subject to a four month hold period expiring on April 16, 2009.

A finder's fee of 10% in cash and 8% in options for Units will be paid to eligible finders in relation to this financing.

ON BEHALF OF THE BOARD

Peter H. Smith, Ph.D., 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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