Fairmont Announces Closing of Oversubscribed Private Placement for $193,750
June 23 2014 - 7:00AM
Marketwired Canada
Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce
that it closed a private placement of 1,291,667 units (the "Units") at $0.15 per
Unit for gross proceeds of $193,750 in (the "Private Placement"). This
represents an oversubscription of the maximum amount previously announced by
Fairmont in its news release dated June 16, 2014.
Each Unit consists of one common share (a "Share") and one half Share purchase
warrant (a "Warrant"). Each Full Warrant will entitle the holder to purchase one
Share for a period of 12 months at an exercise price of $0.25 per Share (the
"Warrant Term").
Fairmont may accelerate the Warrant Term for the outstanding but unexercised
Warrants such that the Warrant Term shall expire at 5:00PM Pacific Time on the
day that is 30 calendar days after the date that Fairmont first issues the
Acceleration Notice. In order to exercise the acceleration rights, (i) the
average closing price must have been equal to or greater than $0.35 (subject to
adjustment for forward or reverse stock splits, recapitalizations, stock
dividends or other changes to Fairmont's corporate or capital structure) for 10
consecutive Trading Days (the "10 Day Period") prior to the date that Fairmont
exercises the acceleration rights; and (ii) Fairmont must issue a news release
announcing its intention to exercise the acceleration rights (the "Acceleration
Notice") within 5 business days after the end of the particular 10 Day Period
relied upon by Fairmont in (i).
No finder's fee was paid in connection with the closing of this Private Placement.
Proceeds of the private placement financing will be used for exploration work on
Fairmont's mineral properties and general working capital purposes.
About Fairmont
Fairmont's Quebec properties cover numerous occurrences of high-grade
titaniferous magnetite with vanadium. Where these occurrences have been tested
they have display exceptional uniformity with respect to grade. These
occurrences are of considerable interest due to their proximity to tide water,
with the Grand Anse Sea Terminal at the Port of Saguenay located within 100km of
all of Fairmont's properties.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements
that are based on assumptions as of the date of this news release. These
statements reflect management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. Fairmont cautions
that all forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are
beyond Fairmont's control. Such factors include, among other things: risks and
uncertainties relating to Fairmont's exploration program of its mineral
properties, Fairmont's ability to complete the private placement financing and
Fairmont's limited operating history. Accordingly, actual and future events,
conditions and results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the forward looking
information. Except as required under applicable securities legislation,
Fairmont undertakes no obligation to publicly update or revise forward-looking
information. Except as required under applicable securities legislation,
Fairmont undertakes no obligation to publicly update or revise forward-looking
information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Fairmont Resources Inc.
Michael A. Dehn
President and CEO
647-477-2382
michael@avantimac.com
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