Fancamp returns 43 million Lamelee shares to treasury
2016-08-09 16:26 ET - News Release
Mr. Peter Smith reports
FANCAMP EXPLORATION LTD. CONFIRMS RETURN TO TREASURY OF ALL THE SHARES IT HELD IN THE CAPITAL OF LAMELEE IRON ORE LTD.
Effective July 28, 2016, Fancamp Exploration Ltd. has returned to treasury for cancellation all of the 43 million common shares it held in the capital of Lamelee Iron Ore Ltd., which represented 42.5 per cent of the 101,173,184 issued and outstanding common shares of Lamelee immediately prior to the transaction. After the return of the common shares to treasury for cancellation, Fancamp has ceased to own, directly or indirectly, or have control or direction over, any common shares of Lamelee.
As consideration for the return of 43 million common shares to treasury for cancellation, Lamelee has returned to Fancamp 59 mining claims designated as the Lac Lamelee South iron project located in the Fermont mining district of northeastern Quebec. For additional information on the Lamelee property, the company refers you to its news release dated June 29, 2016, available for viewing on Fancamp's profile on SEDAR.
Fancamp may, in the future, directly or indirectly, purchase, and subsequently sell, securities of Lamelee on the open market, in private transactions or otherwise, depending on market conditions and other factors material to the investment decisions of Fancamp.
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