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Fancamp Exploration to Spin Out Assets, Announces Investment Issuer Application

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Fancamp Exploration (FNC.V) is spinning out its core exploration assets to its subsidiary Goldera Exploration, and is also seeking TSX Venture Exchange approval for a change of business from a mining issuer to an investment issuer, the company said on Friday.

Goldera will also complete a private placement consisting of a combination of up 12.5 million subscription receipts at $0.20 each, up to 10 million flow-through (FT) subscription receipts at $0.23 each and up to 5 million charity flow-through subscription receipts at $0.26 each. Glodera aims to raise between $3.6 million to $5.5 million. Proceeds will fund exploration and working capital purposes.

Fancamp shareholders will receive 1/7th of a Goldera common share per Fancamp share and expects to maintain a 19.9% stake in Goldera.

The spin out and the change of business are expected to result in two separate entities, one with a track record of identifying overlooked and undervalued investment opportunities in the mineral resource sector, and the other will be an exploration focused firm with strategic interests in mineral projects, a statement said.

Fancamp shares edged up $0.003 to $0.147 on the TSX Venture Exchange.

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