VANCOUVER, BRITISH COLUMBIA--(Jan. 23, 2017) - Fairmont Resources Inc. ("Fairmont") (TSX VENTURE:FMR) is pleased to announce that is has closed the final tranche of its previously announced private placement financing by issuing 2,142,857 units (the "NFT Units") at a price of $0.07 per NFT Unit for gross proceeds of $150,000. Under the entire financing, Fairmont issued a total of 1,425,000 flow-through units (the "FT Units") for gross proceeds of $114,000 and 2,142,857 NFT Units for gross proceeds of $150,000.
Each NFT Unit is comprised of one non-flow-through common share of Fairmont and one common share purchase warrant (a "NFT Warrant"), with each NFT Warrant entitling the holder to purchase one additional common share at $0.15 per share for a period of two years from the date of issue.
The NFT securities issued under the financing will be subject to resale restrictions expiring May 22, 2017. The previously closed FT securities (See release of December 30, 2016) are subject to resale restrictions expiring May 1, 2017.
