Business
Fairmont Resources Inc. Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2018) - Fairmont Resources Inc ...
About this update from Future Mineral Resources Inc.
[{"type":"text","content":"Fairmont Resources Inc. Announces Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 29, 2018) - Fairmont Resources Inc. (TSXV: FMR) (\"Fairmont\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement of up to 40,000,000 units of Fairmont (collectively, the \"Units\") at a price of $0.025 per Unit for gross proceeds of up to $1,000,000 (the \"Offering\"), with each Unit being comprised of one (1) common share and one (1) common share purchase warrant, each such warrant entitling the holder thereof to purchase an additional common share at a price of $0.035 per common share for a period of up to five (5) years post-closing. All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months plus one day from the date of issuance, in accordance with applicable securities legislation. As described below, the Company intends to apply to the TSX Venture Exchange (the \"TSXV\") for a waiver of the TSXV requirement for private placements to be priced at $0.05 or less.The Offering will be subject to TSXV approval for a financing pursuant to the \"Pending Share Consolidation\" waiver (the \"Waiver\"). In connection with seeking to obtain the Waiver, the Company plans to complete a three for one share consolidation at its next shareholders meeting, subject to receiving shareholder approval. The Company will be required to obtain and provide to the TSXV as a condition to TSXV acceptance of the Offering, written confirmation from shareholders holding not less than 50% (or such lesser amount as may be acceptable to the TSXV on a case by case basis) of the Company's issued and outstanding listed shares (as to be constituted post-consolidation) that they will vote in favour of the proposed share consolidation. The Company also will be required to seek shareholder approval as to the consolidation no later than the earlier of i) the Company's next annual general meeting; and ii) six (6) months from the completion of the Offering. The proceeds of the Offering will be used primarily for settlement of debt, strategic initiatives and general working capital purposes. About Fairmont Resources Inc.Fairmont Resources Inc. is a rapidly growing industrial mineral company trading on the Toronto Venture Exchange symbol FMR.Fairmont's Quebec propertie...