Champion Minerals Acquires Fancamp

Champion Minerals Inc. (TSX:CHM,OTCQX:CPMNF,FWB:P02) announced it has acquired Fancamp’s 17.5% joint venture interest in the Fermont properties.

As quoted in the press release:

 The acquisition was paid for by Champion issuing 14,000,000 common shares and 7,000,000 non-transferable warrants to Fancamp. Each warrant entitles Fancamp to purchase one common share of Champion at a price of $3.00 per share at any time between two and a half and three years after the date of issue, subject to acceleration in certain circumstances. The shares and warrants of Champion are subject to a four-month regulatory hold period and to a six-year voluntary restriction on transfer, subject to the consent of Champion. With the acquisition of those shares and together with shares currently held, Fancamp holds 12.59% of the shares of Champion on a non-diluted basis.

Click here to read the Champion Minerals Inc. (TSX:CHM) press release.