VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) Fancamp Exploration Ltd. is pleased to announce the closing and over subscription of a non-brokered private placement of $127,500 through the sale of 510,000 flow-through units (the "FT Units") at $0.25 per FT Unit (over subscribed by 102,000 FT Units). Each FT Unit consists of one flow-through common share and one-half of one non flow-through share purchase warrant (the "FT Warrants"). Each whole FT Warrant will be exercisable at a price of $0.50 per share until June 26, 2011. The Company is also closing the additional offering of $22,100 through the sale of 110,500 non flow-through units (the "NFT Units") at $0.20 per Unit (over subscribed by 20,500 NFT Units). Each NFT Unit consists of one common share and one half of one share purchase Warrant (the "NFT Warrants"). Each whole NFT Warrant will be exercisable at a price of $0.40 per share until June 26, 2011. All warrants are subject to forced acceleration in the event the Company's shares close at a price of $1.00 per share for 30 consecutive trading days after the four month hold expires. All issued shares are subject to a four month hold period expiring on October 26, 2009.
A finder's fee of 5% in cash and 7% in common shares at a deemed price of $0.20 per share will be paid to eligible finders in relation to this financing.
These funds will be largely used on the Company's 4200 acre Norway Lake property, 40 km northeast of Atikokan, Ontario. This grassroots prospect is the site of a cluster of gold-in-lake-bottom sediment anomalies located on the Marmion Lake Fault System, which 18 km to the southwest of the property hosts the Brett Resources Inc. Hammond Reef Deposit containing an inferred 43-101 resource of 4.8 M oz. Au. (This is also the site of a smaller lake bottom sediment anomaly cluster - see the Fancamp's website.) Little previous work has been reported from the property area, and a new Government airborne mag/EM survey released a few weeks ago has indicated the presence of abundant new target areas.
The Company has also increased its authorized capital from 50,000,000 common shares without par value to unlimited common shares without par value.
ON BEHALF OF THE BOARD
Peter H. Smith, Ph.D., P.Eng., President
S.E.C. Exemption: 12(g)3-2(b)
FOR FURTHER INFORMATION PLEASE CONTACT:
Fancamp Exploration Ltd.
Peter H. Smith, Ph.D., P.Eng.