05:47 PM EDT, 09/01/2022 (MT Newswires) -- Fancamp Exploration Ltd. (FNC.V) has closed the sale of its interest in Koper Lake-McFaulds mineral properties to KWG Resources Inc. (KWG.CSE), the companies said on Thursday.

The properties comprise four mining claims located within the "Ring of Fire" in Ontario.

As part of the consideration, KWG issued a secured convertible promissory note in the principal amount of C$34.5 million, as well as issued warrants to purchase a total of about 4.04 million multiple KWG voting shares. The company also granted a 2.0% net smelter return royalty to Fancamp, one-quarter of which can be repurchased by KWG at any time for $5 million. Fancamp also made a one-time payment to KWG of $1.5 million.