On March 13, 2023, Fancamp Exploration Ltd. (Fancamp) officially announced that it had entered into a joint venture agreement with Platinex Inc. (Platinex) to further explore and promote certain gold mining properties located in Ontario and owned by the two entities.
The transaction involved Fancamp transferring its Heenan Mallard and Dorothy mining properties to South Timmins Mining Inc. (Goldco), a wholly-owned subsidiary of Platinex, in exchange for shares representing 25% of Goldco's issued and outstanding shares and a 1% royalty on the properties to Platinex.
The transaction also included a shareholder agreement providing for the governance of Goldco's activities. Fancamp subscribed for a number of shares representing 9.5% of Platinex's issued and outstanding shares.
Lavery was privileged to represent Fancamp in this important mandate led by Jean-Paul Timothée and Alexandre Turcotte.
Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing its priority mineral properties through exploration and innovative development. The corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, where it mines chromium sector, strategic rare-earth metals, gold, zinc, titanium and other resources.
To learn more about Fancamp, go to: https://www.fancamp.ca