VANCOUVER, British Columbia, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSXV: FNC) is pleased to announce that the Company has completed the closing of a second tranche in connection with its previously announced (Fancamp News Release dated December 27, 2019) non-brokered private placement financing of up to 5,791,000 flow-through shares of the Company for gross proceeds of up to Cdn$450,000.

At closing of the second tranche of the private placement, the Company issued 1,200,000 flow-through shares for gross proceeds of Cdn$90,000 (the “Second Tranche”). Each flow-through share issued in connection with the Second Tranche is subject to a four-month hold period under applicable securities laws in Canada, which hold period shall end on June 8, 2020.

The Company intends to use the gross proceeds for the purpose of conducting qualifying exploration expenditures on its properties in Ontario and New Brunswick.

In connection with the closing or the Second Tranche, Fancamp paid finder’s fees to EMD Financial Inc. totalling Cdn $6,300 in cash and 84,000 compensation options to purchase common shares (“Finder’s Warrants”). Each Finder’s Warrant shall entitle the holder thereof to purchase one common share of the Company and will be exercisable for a period of 24 months following the closing of the Second Tranche. Each Finder’s Warrant is subject to a four-month hold period under applicable securities laws in Canada, which hold period shall end on June 8, 2020