Fancamp announces closing of Property Sale and Royalty Agreement with Vision Lithium Inc.
December 01 2021 - 3:15AM
Fancamp Exploration Ltd. (“
Fancamp” or the
“
Corporation”) (TSX Venture Exchange: FNC) is
pleased to announce that it has entered into a property sale
agreement (the “
Agreement”) with Vision Lithium
Inc. (“
VLI”), pursuant to which the Corporation
will transfer to VLI the exploration property known as Wells. The
Wells property comprises four claims and will form a part of a
large and significant land package with better potential for
development by VLI. This transaction is in line with Fancamp’s
strategy of monetizing its non - core mineral properties and will
add to its growing portfolio of royalty and marketable securities.
As consideration, the Corporation will receive
at closing 1,500,000 shares of VLI (the “Shares”)
valued at $330,000, based on the Tuesday, November 30, 2021,
closing price of VLI’s shares on the TSX Venture Exchange. The
Shares will be subject to a statutory hold period expiring on the
date that is four (4) months and one day from the closing date. In
addition, the Corporation also retained a perpetual 2% net smelter
return royalty on all mineral production from the property.
Fancamp continues to focus its exploration
program on its most advanced and promising projects.
About Fancamp Exploration Ltd. (TSX-V:
FNC)Fancamp is a growing Canadian mineral exploration
corporation dedicated to its value-added strategy of advancing
mineral properties through exploration and development. The
Corporation owns numerous mineral resource properties in Quebec,
Ontario and New Brunswick, including gold, rare-earth metals,
strategic and base metals, zinc, chromium, titanium and more.
Fancamp is also building on the industrial possibilities inherent
in dealing with some of these materials, notable being the
development of its Titanium technology strategy. The Corporation is
managed by a focused leadership team with decades of mining,
exploration and complementary technology experience.
Forward-looking StatementsThis
news release includes certain statements which are not comprised of
historical facts and that constitute "forward-looking information"
and "forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward-looking statements include
estimates and statements that describe Fancamp’s future plans,
objectives or goals, including words to the effect that Fancamp or
its management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, “foresees” or “plan”. Since forward-looking
statements are based on multiple factors, assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to Fancamp, Fancamp
provides no assurance that actual results will meet the
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially or simply fail to materialize from those expressed or
implied by such forward-looking information. Forward-looking
information includes, but is not limited to, information and
statements relating to future benefits arising from the Agreement
and the development and future production of the mining property.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Fancamp’s expectations include, among others, risks
relating to the terms and duration of any government orders
suspending or limiting operations that are applicable to the mining
property; the responses of relevant governments to the COVID-19
outbreak and the effectiveness of such responses, political,
economic, environmental and permitting risks, mining operational
and development risks, litigation risks, regulatory restrictions,
environmental and permitting restrictions and liabilities, the
inability of Fancamp to raise capital or secure necessary financing
in the future, as well as factors discussed in the section entitled
“Risks and Uncertainties” in Fancamp’s management’s discussion and
analysis of Fancamp’s financial statements for the period ended
July 31, 2021. Although Fancamp has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated or intended. Fancamp considers its assumptions to be
reasonable based on information currently available, but there can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
For Further Information
Rajesh Sharma, President & Chief Executive
Officer+1 (604) 434 8829info@fancamp.ca |
Debra Chapman, Chief Financial Officer+1 (604) 434
8829info@fancamp.ca |
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
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