Business
Fancamp Announces Completion of Litigation Settlement and Shares For Debt Transaction
VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“...
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":"Fancamp Announces Completion of Litigation Settlement and Shares For Debt Transaction\n\n\n\n VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“\n \n Fancamp\n \n ” or the “\n \n Corporation\n \n ”) (TSX Venture Exchange:\n \n FNC\n \n ) announces that further to its news release dated May 9, 2025, the Corporation has completed its previously announced settlement (the “\n \n Settlement\n \n ”) with a former director of the Corporation (the “\n \n Former Director\n \n ”) to resolve the Litigation Proceedings (as defined herein) between the parties. The Settlement was completed in accordance with the terms of the settlement agreement entered into between the Corporation and the Former Director (the “\n \n Settlement Agreement\n \n ”), pursuant to which, among other things, the Corporation has issued to the Former Director 1,428,572 common shares of the Corporation (the “\n \n Settlement Shares\n \n ”) at a deemed price of $0.07 per Settlement Share (the “\n \n Shares for Debt Transaction\n \n ”).\n \n\n The Litigation Proceedings involved a statement of claim filed by the Former Director and his controlled entity (collectively, the “\n \n Plaintiffs\n \n ”) in the Ontario Superior Court of Justice (the “\n \n Ontario Proceeding\n \n ”) relating to liquidated damages and unpaid consulting fees claimed by the Plaintiffs from the Corporation in connection with the termination of the consulting agreement between the Corporation and an entity controlled by the Former Director. Fancamp also commenced a civil claim against the Former Director in the Supreme Court of British Columbia (the “\n \n BC Proceeding\n \n ”, and together with the Ontario Proceeding, the “\n \n Litigation Proceedings\n \n ”).\n \n\n Pursuant to the terms of the Settlement Agreement, the Plaintiffs have agreed to discontinue the Ontario Proceeding against the Corporation, and the Corporation has agreed to discontinue the BC Proceeding against the Former Director. The Corporation has issued to the Former Director the Settlement Shares as partial consideration for the Settlement.\n \n\n The issuance of the Settlement Shares pursuant to the Shares for Debt Transaction has recei...