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Fancamp Exploration Ltd V.FNC

Alternate Symbol(s):  FNCJF

Fancamp Exploration Ltd. is a Canadian mineral exploration company. The Company is focused on strategic interests in its high potential mineral projects, royalty portfolio and mineral properties. The Company is focused on an advanced asset play with a portfolio of mineral claims across Ontario and Quebec, Canada, including copper, gold, zinc, titanium, chromium, strategic rare-earth metals, and others. The Company has investments in an existing iron ore operation in the Quebec-Labrador Trough, a rare earth elements company, NeoTerrex Minerals Inc., in addition to an investment in a zinc mine in Nova Scotia. It is developing an energy reduction and titanium waste recycling technology with its advanced titanium extraction strategy. Its properties include Clinton Property, Stoke Property, DiLeo Property, Grasset Property, Gaspe Bay Group Property (including Boisbuisson and St. Marguerite), and other properties. The Clinton Property is located in the Appalachian region.


TSXV:FNC - Post by User

Comment by Maxmoeon Sep 29, 2023 9:25am
67 Views
Post# 35661304

RE:RE:RE:RE:RE:How long can the auditor delay last?

RE:RE:RE:RE:RE:How long can the auditor delay last?While I'm spit ballin possible areas of contention material enough to create this clustermess, let's speculate there is not agreement on the equity method of accounting for the kwg investment. I'm getting a headache trying to finger out all the accounting disclosures but maybe it boils down to this. The convert is into 7,353,568 multi voting shares "valued" at $4.6916 at the April 30 balance sheet date. ($34.5 million). BUT , what is the fair value of the multiple voting shares? Should the valuation consider liquidation value, third party arms length transactions, historic "cost" , some sort of formulation that may include an "indicative value" , the value of common shares of KWG, or maybe all of the above? The common shares vs multi voting differential is very materially different. So much so the auditors may not sign off on $4.6916 when the common closed April 30 at $0.02. YIKES! Should the kwg investment be valued as 7,353,568 @ 0.02 = $ 147,071.36. Now we're talkin ! But again, this should have been identified when fnc filed for quarter ended Oct 31, 2022. Maybe the natural result of an under qualified cfo? 
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