KWG Resources Inc. (CNSX:KWG) entered into a binding agreement to acquire Fancamps Beneficial Interests in Koper LakeMcFaulds Mining from Fancamp Exploration Ltd. (TSXV:FNC) on July 20, 2022. The consideration is combination of Convertible Promissory Note worth CAD 34.5 million and Warrants to purchase a total of 4,044,453 multiple voting shares of KWG and the grant by KWG to Fancamp of a 2.0% net smelter return royalty (one-quarter of which may be purchased by KWG at any time for CAD 5 million and the next one-quarter of which is subject to a right of first refusal in favor of KWG). The Proposed Transaction is subject to a thirty day right of first refusal in favour of Bold Ventures Inc On August 10, 2022 Bold Ventures Inc. has delivered a signed waiver in respect of its right of first refusal. The receipt of Bold's waiver will enable Fancamp and KWG to proceed with the Proposed Transaction, which is currently scheduled for closing on or prior to August 31, 2022. in connection with a joint venture agreement dated effective as of October 18, 2018 between Bold and Fancamp. On the closing date, Fancamp will make a one-time payment to KWG of CAD 1.5, the proceeds of which will be used by KWG for the advancement and development of the Mining Claims and for other general working capital purposes.
Subject to any regulatory approvals or filings and subject to the ROFR, the Proposed Transaction is expected to close during the third quarter of 2022, or on such other date and time as is mutually agreed to between KWG and Fancamp.

KWG Resources Inc. (CNSX:KWG) completed the acquisition of Fancamps Beneficial Interests in Koper LakeMcFaulds Mining from Fancamp Exploration Ltd. (TSXV:FNC) on September 1, 2022.