Fairmont Resources Inc.
TSX VENTURE : FMR
PINKSHEETS : FRSSF
FRANKFURT : F0O1

Fairmont Resources Inc.

September 08, 2014 07:00 ET

Fairmont Announces Closing of Oversubscribed Private Placement for $450,000

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 8, 2014) - Fairmont Resources Inc. (TSX VENTURE:FMR) (PINKSHEETS:FRSSF) (FRANKFURT:F0O1) ("Fairmont") is pleased to announce that it closed a private placement of 3,000,000 units (the "Units") at $0.15 per Unit for gross proceeds of $450,000 in (the "Private Placement"). 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 (a "Share") and one half Share purchase warrant (a "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 (the "Warrant Term").

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.

About Fairmont

Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. These occurrences are of considerable interest due to their proximity to tide water, with the Grand Anse Sea Terminal at the Port of Saguenay located within 100km of all of Fairmont's properties.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont's control. Such factors include, among other things: risks and uncertainties relating to Fairmont's exploration program of its mineral properties and Fairmont's limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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