Fairmont Exclusivity Period for Grabasa Asset Purchase
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/19/16 -- Fairmont Resources Inc. (TSX VENTURE: FMR)(OTC: FRSSF)(FRANKFURT: F0O1) ("Fairmont") Fairmont intends to make the final payment on the Grabasa purchase of 2,550,000 Euros to the Spanish courts before the expiry of the exclusivity period on July 25, 2016.
The Grabasa transaction purchase exclusivity period expires 90 days from April 26, 2016. The transaction itself will remain valid and does not expire after that date, but the courts and receivers will be able to discuss the assets of Granitos de Badajoz with other potential purchasers should Fairmont not complete the payment terms of the purchase.
About Fairmont
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
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.
Contacts:
Michael A. Dehn
President and CEO
Fairmont Resources Inc.
647-477-2382
Doren Quinton
President
QIS Capital
250-377-1182
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Unternehmensinformation / Kurzprofil:
Datum: 19.07.2016 - 17:25 Uhr
Sprache: Deutsch
News-ID 484124
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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