Business
Fancamp Exploration Ltd. Announces Closing of Royalty Purchase Agreement with Champion Iron Limited
VANCOUVER, British Columbia / Jul 13, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia / Jul 13, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to announce that it has closed the Royalty Purchase Agreement with Champion Iron Mines Limited (“Champion”), a wholly owned subsidiary of Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF), as previously announced (see news release dated July 8, 2021), relating to the sale to Champion of certain iron ore royalties as well as the exploration property known as Lac Lamêlée (the “Transaction”). The Corporation received cash consideration of $1.3 million at closing and is entitled to receive certain future finite production payments payable once certain iron ore production thresholds have been achieved from the Fermont Properties subject to this agreement. Champion also acquired the Corporation’s ownership interest in the Lac Lamêlée property and a 1.5% Net Smelter Return royalty interest in the Corporation’s O’Keefe-Purdy, Harvey-Tuttle, Bellechasse, Oil Can, Fire Lake North Consolidated, Peppler Lake and Moiré Lake properties. In addition to the cash payment received by Fancamp, the Transaction is expected to provide Fancamp and its shareholders with greater long-term certainty with respect to future income related to the Corporation’s iron ore properties, as well as greater flexibility and opportunity for earlier development of these deposits. 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. It has recently announced the acquisition of ScoZinc Mining Ltd., a Canadian exploration and mining corporation that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia, as well as several prospective exploration licenses in surrounding regions. The Corporation is managed by a new and focused leadership team with decades of m...