Fairmont Resources (FMR-V) announces closing of Oversubscribed PP for $450,000
Sept 8, '14 - NR
Fairmont Resources is pleased to announce that it closed a private placement of 3,000,000 units at $0.15 per Unit for gross proceeds of $450,000 in. This represents an increase in the amount originally announced by Fairmont in its news release dated August 22, 2014 and corroborates the increase in the amount announced by Fairmont in its news release dates September 4, 2014.Each Unit consists of one common share and one half Share purchase 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.
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 for Fairmont 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).
Finder's Fees totaling 141,000 shares and $600 were paid to 4 individuals and/or brokers in connection with the financing.
The securities issued under the Private Placement will be subject to a hold period expiring on January 6, 2015 pursuant to applicable Canadian securities laws and the rules 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. |
