Fancamp dissidents receives more support from holders

Fancamp Exploration Ltd (C:FNC) 
Shares Issued 166,043,296
Last Close 3/10/2021 $0.09
Thursday March 11 2021 - News Release

Mr. Peter Smith reports

CONCERNED SHAREHOLDERS RECEIVE SUPPORT FROM ARM'S LENGTH SHAREHOLDERS OF FANCAMP EXPLORATION LTD.

Incumbent director of Fancamp Exploration Ltd., Peter H. Smith, who, together with joint actors, holds directly and indirectly an aggregate of 15,416,097 shares, representing approximately 9.28 per cent of the company's issued and outstanding common shares, and a group of concerned shareholders of Fancamp, have received support from an additional group of arm's-length shareholders, which, in aggregate, owns or controls approximately 17 per cen of the issued and outstanding shares of Fancamp.

The full text of the letter to the Concerned Shareholders follows:

Dear Peter:

We are writing this letter as shareholders of Fancamp Exploration Ltd. ("Fancamp" or the "Company") and I along with several other likeminded individuals represent an aggregate of 18,500,000 shares or approximately 17% of the total issued and outstanding shares of Fancamp. We have also contacted the TSXV with our concerns. This group is acting individually and not acting jointly or in concert.

We want to confirm our current support for the Concerned Shareholder group and agree with the points outlined in your "Concerned Shareholder" press release dated March 1, 2021. We demand that Fancamp hold its long overdue annual general meeting ("AGM") of shareholders for 2020 on or before the meeting of shareholders of ScoZinc Mining Limited ("ScoZinc") to approve the plan of arrangement (currently scheduled for April 12, 2021). We also request that Fancamp acquire approval from its shareholders for the proposed plan of arrangement with ScoZinc as it is highly dilutive and, based on what we can gleam from the limited disclosure, it seems to not be an arms-length transaction which demands shareholder approval from a simple corporate governance perspective. If shareholder approval is required, it is our current intention to likely vote our Fancamp shares against the plan of arrangement with ScoZinc. We believe that the current board is not the right board to represent Fancamp or its shareholders. It seems that this board is only focused on rewarding friends and family as well as themselves at the detriment of the true owners of Fancamp. 

We are disappointed by the continued delay of the 2020 AGM and will be alert to any entrenchment actions by current management or the board during the interim period which we would strenuously oppose.

We confirm that you may make public disclosure of this correspondence and our position expressed herein.

Yours very truly,

Concerned Shareholders of Fancamp

Supportive Shareholders Oppose the Transaction with ScoZinc

"We appreciate the support we received today from this arm's length group of Concerned Shareholders and the significant confidence they have conveyed in also validating the need for Fancamp to hold its AGM prior to the ScoZinc Transaction closing and more importantly agreeing that a shareholder vote is needed on the ScoZinc Transaction" said Peter H. Smith. Mr. Smith also stated that "based on the significant number of inbound calls and words of encouragement we have received, we anticipate many other Fancamp shareholders, who share our concerns, will also support us in our push to allow the true owners of Fancamp to have their voices heard."

Advisors

The Concerned Shareholders have retained Gryphon Advisors Inc. as its strategic shareholder services advisor. Farris LLP is acting as legal counsel to Mr. Smith.

For more information regarding the Concerned Shareholders' position please contact: Gryphon Advisors Inc., Tel: 1-833-461-3651, Email: inquiries@gryphonadvisors.ca