Fairmont Resources Inc.
TSX VENTURE : FMR

Fairmont Resources Inc.

March 20, 2013 19:26 ET

Fairmont Announces Proposed Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2013) - Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") announces that its shareholders will be asked to approve a consolidation of the Company's issued and outstanding common shares at a ratio of up to four (4) pre-consolidation shares to one (1) post-consolidation share at the Annual General and Special Meeting of Shareholders to be held on April 16, 2013. The Board of Directors is recommending shareholders approve the share consolidation in order to better position the Company to finance its exploration and development activities on its mineral properties.

The Company currently has an aggregate of 20,225,433 common shares issued and outstanding. If the share consolidation were undertaken at the ratio of 4 to 1, the issued and outstanding common shares would be approximately 5,056,358. The Company does not intend to change its name in conjunction with the share consolidation.

If the consolidation is approved, the Board of Directors will have the authority to implement the consolidation at the ratio of up to 4 to 1 at any time and will be permitted, without further shareholder approval, to select a lower consolidation ratio if they deem it to be appropriate. Currently, the Board of Directors intends to implement the consolidation as soon as practicable following the approval of the consolidation by the shareholders and the TSX Venture Exchange. Notwithstanding approval of the consolidation by the shareholders, Fairmont's directors, in their sole discretion, may abandon the consolidation without further approval, action by, or prior notice to shareholders.

The proposed consolidation is subject to the approval of the shareholders of the Company and the TSX Venture Exchange.

On behalf of the board,

Neil Pettigrew, Chief Executive Officer and President

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.

Contact Information

  • Fairmont Resources Inc.
    Greg Ball
    CFO and Director
    604-648-0516
    info@fairmontres.com

    Fairmont Resources Inc.
    789 West Pender Street, Suite 810
    Vancouver, British Columbia V6C 1H2

    Rain Communications
    Toll Free: 1-877-614-6113
    Ralph Biggar
    604-306-2525 (direct)