Fairmount Energy Announces Completion of Private Placement



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES OF AMERICA./

    CALGARY, Nov. 15 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the
"Corporation") (TSX-V: FMT) announces that it has completed its previously
announced private placement financing. The total gross proceeds of the
financing, which includes the exercise in full of the underwriters' option,
were $5,000,800, resulting in the issuance of 3,572,000 common shares on a
flow-through basis ("Flow-Through Shares") at a price of $1.40 per
Flow-Through Share. The underwriting syndicate led by Dundee Securities
Corporation and including Acumen Capital Finance Partners Limited, GMP
Securities L.P. and Blackmont Capital Inc. were paid a cash commission equal
to 6% of the gross proceeds.
    Directors, officers and employees of the Corporation, together with their
spouses, acquired an aggregate of 296,500 Flow-Through Shares pursuant to the
private placement. The Flow-Through Shares are subject to a four month hold
period, expiring on March 16, 2008. Fairmount now has outstanding 17,243,889
Common Shares, as well as performance warrants and options entitling the
holders to acquire an aggregate of up to a further 1,845,803 Common Shares.
    The gross proceeds from the sale of the Flow-Through Shares will be used
to incur eligible Canadian Exploration Expenses as defined in the Income Tax
Act (Canada) which will be renounced in favor of the subscribers for the 2007
taxation year.
    The Flow-Through Shares have not been and will not be registered under
the U.S. Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements of such Act.

    The TSX Venture Exchange Inc. does not accept responsibility for the
    adequacy or accuracy of this release.

    Not for distribution to U.S. newswire services or for dissemination in
the United States of America.

    ADVISORY: This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the
anticipated use of the proceeds of the offering.
    Although Fairmount believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Fairmount can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties.
    The forward-looking statements contained in this press release are made
as of the date hereof and Fairmount undertakes no obligations 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.





For further information:

For further information: Joseph S. Durante, President and Chief
Executive Officer, Phone: (403) 355-0440; Ryan Michaluk, Vice President
Finance and Chief Financial Officer, Phone: (403) 355-0440

Organization Profile

FAIRMOUNT ENERGY INC.

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