Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

October 25, 2010 10:03 ET

Fancamp Announces Final Closing of Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. ("the Company") wishes to announce the closing of the second tranche of a non brokered private placement of $908,000 through the sale of 1,816,000 flow through units ("FT Units") at $0.50 per FT Unit.

Each FT Unit consists of one common share and ½ of 1 share purchase warrant. Each whole warrant is exercisable into common shares, at a price of $0.75 per share until October 22, 2012, 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 shares are subject to a four month hold period expiring on February 23, 2011.

A finders' fee of 5% cash and 10% agents' options or 10% cash will be paid to eligible finders in relation to this financing.

The majority of this financing was done with the Mineralfields Group.

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

"We are very pleased to be renewing its relationship with MineralFields Group," said Peter H. Smith. "This is an important milestone in the growth of Fancamp and we look forward to working with MineralFields Group as we develop our holdings in Ontario and Quebec."

ON BEHALF OF THE BOARD

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

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fancamp Exploration Ltd.
    Peter H. Smith, PhD., P.Eng.
    President
    514-481-3172
    www.fancampexplorationltd.ca
    or
    Bay Street Connect Investor Relations
    Michael D'Amico
    647-500-6023