Fountain Asset Corp. announced that it has closed a private placement of 4,500,000 subordinate voting shares (‘Shares’) to Delavaco Group at a price of $0.45 per share, for aggregate gross proceeds of $2,025,000 (the ‘Offering’). In connection with the private placement to Delavaco Group, the company has agreed to appoint Mr. Michael Galloro, as Delavaco's nominee, to its board of directors on or before the company's next annual general meeting. Mr. Galloro is an accomplished financial executive with over 20 years of experience. He gained public markets experience engaged as a Vice President of Finance for a TSXV listed company operating in the payment processing industry. He then pursued a consulting career focused primarily on the small and mid-cap space working closely with emerging private and publicly listed companies operating globally assisting with financings, M&A, corporate structuring and go public transactions, both in Canada and the US.