Fancamp Exploration closes $127,500 FT financing
Ticker Symbol: C:FNC

Fancamp Exploration closes $127,500 FT financing

Fancamp Exploration Ltd (C:FNC)
Shares Issued 36,190,981
Last Close 6/25/2009 $0.14
Friday June 26 2009 - News Release

Mr. Peter Smith reports

FANCAMP ANNOUNCES CLOSING AND OVER SUBSCRIPTION OF FINANCING/INCREASE IN AUTHORIZED CAPITAL

Fancamp Exploration Ltd. has closed an oversubscribed non-brokered private placement of $127,500 through the sale of 510,000 flow-through units at 25 cents per FT unit (oversubscribed 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. Each whole FT warrant will be exercisable at a price of 50 cents 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 at 20 cents per unit (oversubscribed by 20,500 NFT units). Each NFT unit consists of one common share and one-half of one share purchase warrant. Each whole NFT warrant will be exercisable at a price of 40 cents 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 Oct. 26, 2009.

A finder's fee of 5 per cent in cash and 7 per cent in common shares at a deemed price of 20 cents per share will be paid to eligible finders in relation to this financing.

These funds will be largely used on the company's 4,200-acre Norway Lake property, 40 kilometres northeast of Atikokan, Ont. 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 kilometres to the southwest of the property hosts the Brett Resources Inc. Hammond Reef deposit containing an inferred 43-101 resource of 4.8 million ounces of gold. (This is also the site of a smaller lake bottom sediment anomaly cluster -- see the Fancamp 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 million common shares without par value to unlimited common shares without par value.

© 2009 Canjex Publishing Ltd.