Business
Activist Peter H. Smith Sticks Fancamp Exploration Shareholders with Over $60 Million Bill
VANCOUVER, British Columbia / Jun 14, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) today announc
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia / Jun 14, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) today announced that as part of its ongoing investigation into the conduct of Mr. Peter H. Smith, preliminary estimates indicate Fancamp and its shareholders have lost over $60 million to date, due to Mr. Smith’s financial mismanagement and numerous other misconduct. While Mr. Smith continues to stonewall and refuses to produce important information in his possession that belongs to the Corporation, Fancamp believes that as shareholders consider their vote for the Corporation’s Annual General Meeting (“AGM”) it is important they have a clear and transparent view of Mr. Smith’s conduct and the negative impact of his actions on their investment. Mr. Smith’s $60 Million Bill to Fancamp Shareholders For over 30 years, Mr. Smith treated the Corporation and its finances as his own personal bank account, spending without authorization and leaving YOU, the shareholders of Fancamp, with over $60 million in expenditures, with nothing to show for it. Mr. Smith had no vision or strategy, executed poorly, and enriched his friends and associates. Mr. Smith operated in secret, failing to report most of his activities to the Board of Directors (the “Board”) so that they could not stop him. When the Board did find out about the mismanagement of Fancamp’s funds (indirectly, YOUR funds), Mr. Smith defied the Board’s instructions, and refused requests to produce a proper budget and follow common expense and governance practices. Mr. Smith simply did as he pleased until the Board took action to hold him accountable by having him step down as president and CEO in August 2020. Mr. Smith’s long list of misconduct and financial mismanagement is outlined below. Fancamp warns shareholders that losses will likely rise again if Mr. Smith and his handpicked nominees are elected to the Board as they have confirmed they will use the Corporation’s money to repay and reimburse themselves for the costly proxy fight that Mr. Smith started. If this happens, Fancamp shareholders will lose value on their investment, indirectly footing bill for Mr. Smith’s self-serving agenda. Shareholders should also know that management believes the list below is just the tip of the iceberg. Fancamp has very strong reason to believe there...