QIS Update #10 - 2016 - Fairmont Resources announces lithium property option 2016 - May 27th 2016
Included in this update:
- Fairmont Resources announces lithium property option and online marketing program
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Fairmont Resources Inc. (FMR:TSX-V)
Current Price: $0.085 (coverage commenced February 18/16 - $0.025)
Fairmont Resources Inc. has announced that, subject to TSX Venture Exchange approval, it has negotiated an option agreement with a Quebec prospector (the Optionor) to acquire a 100% interest in the Rome Lithium property, near Val d'Or, Quebec (the Property). Accordingly, Fairmont (the Optionee) will issue to the Optionor 500,000 shares upon TSX approval and paid the Optionor $25,000 upon a future successful financing.
In order to exercise the balance of the option, Fairmont will be required to (i) issue 500,000 shares on or before the 6 month anniversary of the TSX Venture approval date; (ii) issue 500,000 shares on or before the 12 month anniversary of the TSX Venture approval date; and (iii) incur $150,000 of exploration expenditures within 36 months, $50,000 within the first 12 months after the TSX approval date. The Property will be subject to a 2% Production Royalty per tonne. The Optionee may purchase one half of the Production Royalty (1%) for one million dollars (Canadian) at any time.
The Rome Lithium property is located approximately 60 km north of Val d'Or Quebec.
The property is contiguous to the north and south of RB Energy's Quebec Lithium Mine with a published measured and indicated resources (at a 0.60% Li2O cutoff) of 41,556,000 tonnes at 1.09% Li2O, and an inferred resource of (at a 0.60% Li20 cutoff) of 17,766,000 million tonnes at 1.10% Li2O (RB Energy Press Release of October 11, 2012).
The property is also contiguous to Jourdan Resources Vallee Lithium property that drilled more than 4000m of core in 2011 and intersected more 100 pegmatite and aplite dikes. Jourdan Resources intersected values of up to 1.187% Li2O over 5.50m (Jourdan Resources Press Release of October 24, 2012).
This option is subject to TSX Venture Exchange approval.
Fairmont Launches AGORACOM Online Marketing and Awareness Program
Fairmont is also pleased to announce that it is implementing an online marketing and awareness program through AGORACOM.
The Company will receive significant exposure through millions of content brand insertions on the AGORACOM network and extensive search engine marketing over the next 12 months. In addition, exclusive sponsorships of invaluable digital properties such as AGORACOM TV, the AGORACOM home page and the AGORACOM Twitter account will serve to significantly raise the brand awareness of the Company among small cap investors.
Fairmont's President and CEO Michael Dehn stated, "AGORACOM has proven to be a leader in the online marketing space. We are delighted to have retained their services to expand our online presence."
Shares for Services Program
Fairmont intends to issue shares for services to AGORACOM in exchange for the online advertising, marketing and branding services. Pursuant to the terms of the agreement, the company will be issuing:
- $10,000 + HST Shares For Services April 30, 2016 for prior preparation of program
- $10,000 + HST Shares For Advertising Services at end of Third Month July 15, 2016
- $10,000 + HST Shares For Advertising Services at end of Sixth Month October 15, 2016
- $10,000 + HST Shares For Advertising Services at end of Ninth Month January 15, 2017
- $8,800 + HST Shares For Advertising Services at end of Twelfth Month April 15, 2017
The number of shares to be issued at the end of each period will be determined by using the closing price of the Shares of Fairmont on the TSX Venture Exchange on the first trading day following each period for which the Advertising Services were provided by AGORACOM.
The agreement/arrangement is subject to TSX Venture Exchange approval.
The term of the Agreement is for 12 months effective immediately. Fairmont will issue a press release after the issuance of shares under the terms of the agreement.
QIS Capital: Lithium properties have received a lot of media attention lately as worldwide demand is expected to surge in the next 5-10 years. Fairmont has a distinct advantage with this property over similar lithium exploration properties, as it lies near active lithium operations with measured resources. There is also active drilling on lands contiguous to the property.
Fairmont is working to complete its proposed financing at $0.06 with a half warrant at $0.10. With the improvement in Fairmont’s share value, we suspect the financing will fill fairly quickly. If anyone is interested in this financing, please contact us as soon as possible. The financing is only open to accredited investors.
Disclaimer: This article is for informational purposes only. The information contained within this article should not be construed as offering investment advice. Those seeking direct investment advice should consult a qualified, registered, investment professional. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The company profiled assumes no liability for the information presented. This is not a direct or implied solicitation to buy or sell securities. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. The author(s) does not own directly or indirectly any shares of Fairmont Resources Inc. but will be participating in the current financing. QIS Capital may have a financial relationship with these companies and may trade in the stocks mentioned. No stock exchange has approved or disapproved of the information contained herein. Copyright © 2003 - 2016 QIS Capital Corporation.