VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("the Company") wishes to announce the closing of the first tranche of a non brokered private placement of $1,735,000 through the sale of 2,700,000 flow through units ("FT Units") at $0.50 per FT Unit and 855,555 non flow through units ("NFT Units") at $0.45 per NFT Unit.
Each FT Unit consists of one common share and 1/2 of 1 share purchase warrant. Each NFT Unit consists of one common share and 1 share purchase warrant. Each whole warrant is exercisable into common shares, at a price of $0.75 per share until September 21, 2012, 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 shares are subject to a four month hold period expiring on January 22, 2011.
A finders' fee of 5% cash and 10% agents' options will be paid to eligible finders in relation to this financing.
The majority of this financing was done with the Mineralfields Group.
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at >www.fancampexplorationltd.ca
