KWG Purchase from Fancamp to Proceed to Closing as Bold Ventures Waives Right of First Refusal
August 10 2022 - 7:00AM
Fancamp Exploration Ltd. (“
Fancamp”) (TSXV: FNC)
and KWG Resources Inc. (“
KWG”) (CSE: KWG, KWG.A;
FSE: KW6) are pleased to announce that Bold Ventures Inc.
(“
Bold”) (TSXV: BOL) has delivered a signed waiver
in respect of its right of first refusal to acquire Fancamp
interests in the four Koper Lake-McFaulds mining claims that
contain the Black Horse chromite discovery, which KWG has offered
to acquire from Fancamp as previously announced (the
“
Proposed Transaction”). The receipt of Bold’s
waiver will enable Fancamp and KWG to proceed with the Proposed
Transaction, which is currently scheduled for closing on or prior
to August 31, 2022, subject to customary closing conditions,
including any regulatory approvals or filings. For more details on
the Proposed Transaction, please refer to the joint news release of
Fancamp and KWG dated July 21, 2022.
About Fancamp Exploration Ltd.
Fancamp is a growing Canadian mineral
exploration corporation dedicated to its value-added strategy of
advancing its priority mineral properties through exploration and
innovative development. Fancamp owns numerous mineral resource
properties in Quebec, Ontario and New Brunswick, including
chromium, strategic rare-earth metals, gold, zinc, titanium and
more. Fancamp’s chromium properties in the highly sought-after Ring
of Fire in Northern Ontario are strategically located. Its rare
earth element properties in Quebec are a special focus. Fancamp has
investments in an existing iron ore operation in the
Quebec-Labrador Trough, in addition to an investment in a zinc mine
planned to be restarted in Nova Scotia. Fancamp is developing
energy reduction technology with its advanced Titanium extraction
strategy. Fancamp is managed by a focused leadership team with
decades of mining, exploration and complementary technology
experience.
About KWG Resources Inc.
KWG is the Operator of the Black Horse chromite
project after acquiring a vested 50% interest through Bold Ventures
Inc. which is carried for 10% (20% of KWG’s equity in the JV) by
KWG funding all exploration expenditures. KWG holds a 50% vested
interest in the McFaulds Lake copper/zinc project and a vested 30%
interest in the Big Daddy chromite project. KWG also owns 100% of
CCC which staked mining claims between Aroland, Ontario (near
Nakina) and the Ring of Fire. CCC has conducted a surveying and
soil testing program to assess the prospects for the engineering
and construction of a railroad along that route between the Ring of
Fire and Aroland, Ontario. CCC engaged Cormorant Utilities and
Rail-Veyor Technologies for Engineering Proposals for the
construction of a transportation and utility corridor within the
route and has received those proposals. KWG has also acquired
intellectual property interests, including a method for the direct
reduction of chromite to metalized iron and chrome using natural
gas. KWG subsidiary Muketi Metallurgical LP has acquired two
chromite-refining patents in Canada and one in the USA and in South
Africa and is prosecuting an application in Turkey.
For further information, please contact:
(a) on behalf of Fancamp:
Rajesh SharmaPresident and Chief
Executive Officer+1 (604) 434 8829info@fancamp.ca |
Debra ChapmanChief Financial Officer+1 (604) 434
8829info@fancamp.ca |
(b) on behalf of KWG:
Bruce HodgmanVice-President416-642-3575
info@kwgresources.com
Neither the TSX Venture Exchange (the
“TSXV”) nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
Neither the Canadian Securities Exchange (the
“CSE”) nor its Regulation Services Provider (as
that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this news
release.
Forward-Looking Statements
This news release contains certain
“forward-looking statements” or “forward-looking information”
(collectively referred to herein as “forward-looking statements”)
within the meaning of applicable securities legislation. Such
forward-looking statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Fancamp or KWG. Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified
by the words “expects”, “plans”, “anticipates”, “believes”,
“intends”, “estimates”, “projects”, “potential” and similar
expressions, or are events or conditions that “will”, “would”,
“may”, “could” or “should” occur or be achieved. Examples of
forward-looking statements in this news release include, among
others, the completion of the Proposed Transaction and the
anticipated timing thereon.
Although Fancamp and KWG believe that the
material factors, expectations and assumptions informing such
forward-looking statements are reasonable based on information
available to them on the date such statements were made, no
assurances can be given as to future results of such
statements.
Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from those anticipated in such
forward-looking statements. These risks include, among others: (a)
the risk that the closing conditions for completion of the Proposed
Transaction are not satisfied or waived; (b) risks relating to
general economic, market and business conditions; and (c)
unforeseen delays in the timelines for any of the transactions or
events described in this news release.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Statements including forward-looking
statements are made as of the date they are given and, except as
required by applicable securities laws, Fancamp and KWG disclaim
any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
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