Key Developments: Fairmont Resources Inc (FMR.V)
0.05CAD
14 May 2013
$-0.00 (-9.09%)
$0.05
$0.05
$0.05
$0.05
25,000
4,722
$0.46
$0.04
Latest Key Developments (Source: Significant Developments)
Fairmont Resources Inc Announces Additional Claims At Houghton Creek Property, Begins Summer Field Work Program
Fairmont Resources Inc announces that an additional nine claims have been staked totaling 1,312 hectares surrounding the original Houghton Creek Property (the Property), located in Northwestern Ontario. This work program will test the newly staked, parallel northeast structures as well as further delineated the historic gold bearing Houghton Creek structure, in preparation for a drill program to be conducted later this fall. The Houghton Creek Property is located 27 kilometers northwest of the historic St. Anthony Gold Mine which operated intermittently from 1905 to 1941 and produced 63,310 oz of gold at a grade of 6.51 g/t. Full Article
Fairmont Resources Inc Begins Drilling On Marmion South Property
Fairmont Resources Inc announced that it has begun drilling on the Marmion South property, located east of Atikokan, Ont., and contiguous with Osisko Mining Corp.'s Hammond Reef property. Drilling is expected to continue through to the end of March with assay results in late April. The program is focused on the historic Olcott occurrence, located in the southern portion of the property, which has returned up to 5.41 g/t gold over 6.16 metres and 1.85 g/t over gold 19.20 metres in historic drilling during the 1980s and 1990s. The greenstone-hosted Olcott gold occurrence is located on an east-west-trending structure parallel to the regional Quetico fault. This occurrence has been the focus of historical trenching and limited drill programs in the 1980s and 1990s and is a classic quartz vein/shear-hosted gold system. Full Article
Fairmont Resources Inc Completes Private Placement Financing Of $516,500
Fairmont Resources Inc announced that it has completed its previously announced private placement offering by issuing a total of 3,443,333 units at a price of $0.15 per unit for gross proceeds of approximately $516,500 (Private Placement). Each unit under the Private Placement is comprised of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.20 per share until March 15, 2014. In connection with the Private Placement, Fairmont paid finders cash commissions totaling $50,900 and issued finders a total of 339,333 non-transferable share purchase warrants. Each finder's warrant is exercisable on the same terms described above and expire on March 15, 2014. The securities issued under the Private Placement will be subject to a hold period expiring on July 16, 2012 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange. Proceeds of the Private Placement will be used for the exploration of Fairmont's mineral properties as well as for general working capital and corporate purposes. Full Article
Fairmont Resources Inc Appoints New CEO And President
Fairmont Resources Inc announced the appointment of Neil Pettigrew, M.Sc., P.Geo. to the position of President, Chief Executive Officer (CEO) and Director replacing John Bevilacqua as President and CEO. Mr. Bevilacqua will continue to serve as a director of the Company. Full Article
Fairmont Resources Inc Announces Proposed Private Placement Financing
Fairmont Resources Inc announced that its board of directors have approved a proposed private placement offering of up to 3,700,000 units at a price of $0.15 per unit for gross proceeds of $555,000 (the Offering). Each unit under the proposed Offering will be comprised of one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.20 per share for a period of two years following closing. Proceeds of the Offering will be used for the exploration of Fairmont's mineral properties as well as for general working capital and corporate purposes. Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange. Full Article
Fairmont Resources Inc Announces Change in Officers
Fairmont Resources Inc announced that it has accepted the resignations of Bernard Dewonck as Chief Executive Officer (CEO) and President of Fairmont and James Chapman as a Director of Fairmont. To fill the vacancies caused by these resignations, Fairmont’s Board of Directors has appointed John Bevilacqua as Chief Executive Officer, President and a Director of Fairmont. Mr. Dewonck will continue to serve as a Director of the Company. Full Article
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