Fairmont Announces Closing of Oversubscribed Private Placement for $193,750
June 23 2014 - 6:00AM
Marketwired
Fairmont Announces Closing of Oversubscribed Private Placement for
$193,750
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) -
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.
Fairmont Resources Inc.Michael A. DehnPresident and
CEO647-477-2382michael@avantimac.com
Fairmont Resources Inc. (TSXV:FMR)
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