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Fairmont Resources Inc. Announces Proposed $2.7 Million Private Placement
Feb. 4, 2011 (TheNewswire.ca) -- February 4, 2011 --- Vancouver, BC --- Fairmont Resources I...
About this update from Future Mineral Resources Inc.
[{"type":"text","content":"\nFairmont Resources Inc. Announces Proposed $2.7 Million Private Placement\n\n\n Feb. 4, 2011 (TheNewswire.ca) -- February 4, 2011 --- Vancouver, BC --- Fairmont Resources Inc. (TSXV:FMR) (\"Fairmont\")(TSX-V: FMR) is pleased to announce that its board of directors have approved a proposed private placement offering of up to 5,000,000 flow-through units at a price of $0.40 per unit for gross proceeds of $2,000,000 (the \"Flow-Through Offering\"), and 2,000,000 non-flow through units at a price of $0.35 per unit for gross proceeds of $700,000 (the \"Non-Flow-Through Offering).Each unit under the proposed Flow-Through Offering will be comprised of one flow-through common share and one-half share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of two years following closing. The exercise price for each share purchase warrant will be $0.50 during the first year of the warrant term and $0.75 during the second year of the warrant term.Each unit under the proposed Non-Flow-Through Offering will be comprised of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of two years following the closing date. The exercise price for each share purchase warrant will be $0.45 during the first year of the warrant term and $0.70 during the second year of the warrant term.Subject to TSX Venture Exchange approval, Fairmont will pay finders a fee consisting of cash and warrants from the proceeds of the proposed offerings.Proceeds of the offerings will be used to fund Fairmont's exploration programs on its mineral properties as well as for general working capital and corporate purposes.Closing of the proposed offerings is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.About FairmontFairmont is a mineral exploration company focused on exploration and development of its Clay-Powell Project, Marmion Contact South Property and Nicoamen River Property. The Clay-Powell Project, Fairmont's lead project, is located in the prolific Shebandowan Greenstone Belt, Ontario, which hosts numerous past and present producers, resources and active exploration projects serviced by excellent infrastructure.On beha...