Fairmont Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/30/16 -- Fairmont Resources Inc. (TSX VENTURE: FMR) ("Fairmont") is pleased to announce a private placement (the "Private Placement") of 8 million units (the "Units"). Each Unit consists of one common share (a "Share") and one half Share purchase warrant (a "Warrant") at a price of $0.06 per Unit. Each full Warrant will entitle the holder to purchase one Share for a period of 12 months at an exercise price of $0.10 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 $0.20 (subject to adjustment for forward or reverse stock splits, recapitalizations, stock dividends or other changes to Fairmont's corporate or capital structure) for 15 consecutive Trading Days (the "15 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 10 business days after the end of the particular 15 Day Period relied upon by Fairmont in (i).
A finder's fee will be payable on the private placement, subject to the policies of the TSX Venture Exchange.
Proceeds of the private placement financing will be used for exploration work on Fairmont's mineral properties, acquisitions and general working capital purposes.
About Fairmont
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
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 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.
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.
Contacts: Fairmont Resources Inc. Michael A. Dehn President and CEO 647-477-2382 [email protected] www.fairmontresources.ca QIS Capital Doren Quinton President 250-377-1182 [email protected] www.smallcaps.ca
Source: Fairmont Resources Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IRIS and Amazon Business Collaborate to Help Simplify School Purchasing
- Group 1 Automotive Reports First Quarter 2024 Financial Results
- Vantage Foundation supports education activities of the UNESCO South Asia Regional Office in New Delhi in India
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!