Business
Fairmont Resources Inc. Completes First Tranche of Flow-Through and Non-Flow-Through Private Placement
Mar. 8, 2011 (TheNewswire.ca) -- March 7, 2011 --- Vancouver, BC --- Fairmont Resources Inc....
About this update from Future Mineral Resources Inc.
[{"type":"text","content":"\nFairmont Resources Inc. Completes First Tranche of Flow-Through and Non-Flow-Through Private Placement\n\n Mar. 8, 2011 (TheNewswire.ca) -- March 7, 2011 --- Vancouver, BC --- Fairmont Resources Inc. (TSXV:FMR) (\"Fairmont\")(TSX-V: FMR) has closed the first tranche of its flow-through and non-flow-through private placement by issuing 3,275,000 flow-through units at a price of $0.40 per unit for total proceeds of $1,310,000 and 1,005,000 non-flow-through units at a price of $0.35 per unit for total proceeds of $351,750. The MineralFields Group subscribed for 2,875,000 of the flow-through units.\"We are very pleased to be entering into this relationship with MineralFields Group\", said Bernard Dewonck, President of Fairmont. \"This is an important milestone in the growth of Fairmont and we look forward to working with MineralFields Group as we develop our exploration projects.\"Each unit under the flow-through private placement consists of one flow-through common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to buy one additional common share of Fairmont on or before March 4, 2012 at a price of $0.50 per share, and thereafter on or before March 4, 2013 at a price of $0.75 per share.Each unit under the non-flow-through offering consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share on or before March 4, 2012 at a price of $0.45 per share, and thereafter on or before March 4, 2013 at a price of $0.70 per share.In connection with the proceeds raised from the MineralFields Group, Fairmont paid a cash commission of $57,500 to the finder, Limited Market Dealer Inc., in respect of the sale of the Units and issued an option to LMD granting it the right to purchase 287,500 units (the \"LMD Units\") for $0.40 per unit on or before March 4, 2013. Each LMD Unit is the same as the flow-through units, except that the common share forming part of the LMD Unit is a non-flow-through common share.In connection with all other proceeds raised in this first tranche of the private placement, a finder's fee of 8% was paid on funds raised from the investors introduced by finders. Finders were also issued a non-transferable warrant to purchase such number of shares equal to 10% of the number of units subscribed by investor...