Champion completes move to solidify hold on Fermont properities

TORONTO – Champion Minerals Inc. (TSX:CHM) has acquired full ownership of the Fermont properties in northeastern Quebec’s iron ore belt by purchasing a 17.5 per cent interest owned by Fancamp Exploration Ltd. (TSXV:FNC).

In return, Fancamp receives about $13.1 million worth of Champion stock plus warrants to buy an additional seven million shares at $3 each.

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Champion shares were trading at 94 cents each on the Toronto Stock Exchange.

In two related transactions, Champion acquired 18 million common shares and 10 million purchase warrants from Fancamp. As a result, Champion holds 16.5 per cent of Fancamp’s shares.

Champion is focused on iron ore exploration in Quebec and Newfoundland and Labrador. Fancamp is an exploration company with projects in various stages of development.