|By Marketwired .||
|June 16, 2014 07:20 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/16/14 -- Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce a private placement (the "Private Placement") of 1 million units (the "Units"). Each Unit consists of one common share (a "Share") and one Share purchase warrant (a "Warrant") at a price of $0.15 per Unit. Each 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).
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 and general working capital purposes.
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.
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. Dehn
President and CEO
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
May. 3, 2015 03:00 PM EDT Reads: 924
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
May. 3, 2015 03:00 PM EDT Reads: 1,114
May. 3, 2015 02:30 PM EDT Reads: 1,018
May. 3, 2015 02:15 PM EDT Reads: 5,100
May. 3, 2015 12:30 PM EDT Reads: 3,192
May. 3, 2015 12:00 PM EDT Reads: 4,966
May. 3, 2015 12:00 PM EDT Reads: 4,334
May. 3, 2015 12:00 PM EDT Reads: 3,672
May. 3, 2015 12:00 PM EDT Reads: 918
May. 3, 2015 11:00 AM EDT Reads: 4,260
May. 3, 2015 11:00 AM EDT Reads: 5,502
May. 3, 2015 11:00 AM EDT Reads: 2,767
May. 3, 2015 10:45 AM EDT Reads: 4,168
May. 3, 2015 10:30 AM EDT Reads: 5,180
May. 3, 2015 10:15 AM EDT Reads: 4,250