Fancamp Announces Closing of the Transaction with Platinex Inc. to Develop Ontario Gold Assets

Provided By Globe Newswire

Last update: Mar 14, 2023

VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to announce that it has closed the Transaction (as defined below) with Platinex Inc. ("Platinex") (CSE: PTX), as previously announced (see news release dated February 6, 2023). As part of the Transaction, the Corporation transferred its Hennan Mallard and Dorothy properties and Platinex’s transferred its Shining Tree property to South Timmins Mining Inc. ("Goldco"), a subsidiary of Platinex. Pursuant to the Transaction, Fancamp holds a 25% interest in the share capital of Goldco, while Platinex holds a 75% interest in the share capital of Goldco. Fancamp has an option to increase its shareholding to 50% pursuant to the terms provided in the Shareholders’ Agreement (as defined below) entered into by the parties (the “Transaction").