For those tracking the cash they may have at hand.
Didn't read it this way at first but it would seem that the first Financing at bottom of this post failed to go through as indicated by Nov press release and therefore they will in fact have raised about 1 million as reflected in Dec 5 release rather than 1.7+ since the initial September Financing announcement (4 million shares issued; at about 1/2 of price originally proposed).
FANCAMP ANNOUNCES CLOSING OF SECOND TRANCHE OF FINANCING WITH MINERALFIELDS
December 5, 2008
announce the closing of a non-brokered private placement of $1,000,000 through the sale of 4,000,000 flow-through units (the “FT Units”) at $0.25
Fancamp Announces Second Financing With MineralFields Group
BURNABY, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2008) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) (the "Company") reports that the non-brokered private placement announced on September 19, 2008 was successful in raising gross proceeds of $1,720,000 for the Company, as previously announced, but one investor who had subscribed for $80,000 was not completed, and a proposed third closing did not proceed, due to the general market decline.
The Company has, however, arranged a new financing of $1,000,000 through the sale to the MineralFields Group of 4,000,000 flow-through units (the "FT Units") at $0.25 per FT Unit. Each FT Unit will consist of one flow-through common share, and one-half of one non flow-through share purchase warrant (the "Warrants"). Each whole Warrant will be exercisable to acquire one additional common share at a price of $0.50 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 after the four month hold expires.
"We are pleased with the level of support we are receiving from MineralFields Group in these troubled economic times," said Peter H. Smith, PhD., P. Eng., President and CEO.
