VANCOUVER, BRITISH COLUMBIA, Sep. 1, 2009 (Marketwire) -- Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. wishes to announce the closing of a non-brokered private placement of $329,630 through the sale of 499,439 units (the "Units") at $0.66 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (the "Warrants"). Each whole Warrant is exercisable at a price of $0.80 per share until September 1, 2011, 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 January 1, 2010.
A finder's fee of 5% in cash and 7% in common shares will be paid to eligible finders in relation to this financing.
In addition, the Company has added $237,000 to working capital through the exercise of incentive stock options ($150,000), agent's options ($12,000) and warrants ($75,000).
The Company is currently reviewing its McFauld's drill results. Downhole geophysics is planned on C-1 and C-6 target holes to test for massive sulphide conductivity below the 500 metre and 400 metre levels respectively. Additional drill core sampling will be undertaken to further define isolated anomalous PGM zones picked up in the original 10 metre reconnaissance sampling of seemingly unmineralized core. PGM values up to 1.44 gr/tonne over 1.5 metres have been noted in these samples.
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.