First Mountain Exploration Ltd. announces intent to reprice warrants

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUE A VIOLATION OF UNITED STATES SECURITIES LAW/

CALGARY, Nov. 21, 2012 /CNW/ - First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSX Venture: FMX) announces that it intends to make application to the TSX Venture Exchange to obtain their approval to reprice 3,093,500 common share purchase warrants ("Warrants").  The Warrants were initially issued on December 23, 2011 as part of a brokered private placement of 6,186,000 units, where each unit consisted of one common share and one half of one Warrant. The Warrants were initially issued with an exercise price of $0.65 per share and have an expiry date of June 23, 2013.

Subject to the consent of all holders of Warrants and the approval of the TSX Venture Exchange, the exercise price of the Warrants shall be reduced from $0.65 to $0.20. The expiry date of the Warrant will remain until June 23, 2013, however the exercise term of the Warrants will be shortened to 30 days if, for a period of 10 consecutive trading days, the closing price of the Company's shares on the TSX Venture Exchange exceeds $0.20.  The Company will issue a press release notifying the holders of Warrants if the exercise term is shortened.

Neither the 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.

A Note regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.  The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning the anticipated repricing of the issued and outstanding Warrants, the trading price of the Company's shares and the timing of required consents of the Warrant holders and the TSX Venture Exchange.  The Company cautions that there are no assurances or guarantees that the negotiations will result in a transaction or sale of assets.   

Although First Mountain believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because First Mountain can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on First Mountain's future operations and such information may not be appropriate for other purposes.

The forward-looking statements and information contained in this press release are made as of the date hereof and First Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


 

SOURCE: First Mountain Exploration Ltd.

For further information:

William Ambrose
President, Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: (403) 453-2266