Fancamp Announces Litigation Settlement and Shares for Debt Transaction

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[{"type":"text","content":"Fancamp Announces Litigation Settlement and Shares for Debt Transaction\n\n\n\n VANCOUVER, British Columbia, May 09, 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 it has entered into a settlement agreement (the “\n \n Settlement Agreement\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 “\n \n Settlement\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 claimed by the Plaintiffs from the Corporation (the “\n \n Defendant\n \n ”) 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, upon the receipt of approval of the Shares for Debt Transaction (as defined herein) from the TSX Venture Exchange (the “\n \n TSX-V\n \n ”), the Corporation shall, among other obligations, issue to the Former Director 1,428,572 common shares of the Corporation (“Common Shares”) at a deemed price of $ 0.07 per Common Share (the “\n \n Shares for Debt Transaction\n \n ”) as partial consideration for the settlement of the Litigation Proceedings.\n \n\n The issuance of the Common Shares pursuant to the Shares for Debt Transaction is subject to the approval of the TSX-V. All securities issued pursuant to the Settlement shall be subject to a statutory hold period expiring four months and one day from the date of issue.\n \n\n\n\n About Fancamp Exploration Ltd. (TSX-V: FNC)\n \n\n\n\n Fancamp is a Canadian mineral exploration company focused on creating value th...

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