3 wire would also go to the junction box. From the junction box, the red wire would tie into black wire from fan 1. The black wire would tie into the black wire on fan 2. Both white wires from fans 1 and 2 would tie into white wire at junction box. The ground wires from fans 1 and 2 would also tie into the ground wire at JB
Kitchen Ranges - Broan-NuTone - Nutone Utility Exhaust Fan 210CFM 7'' Round Ceiling Fan -...
Answers & Comments
Yes everything would work perfectly. I see no problems in your plan. Even if both fans were run off of one switch they would not burn out, the circuit it appropriately sized. You could even go a step down to save yourself some money and use 14/2 and 14/3 (supposing its only the fans running on the circuit). You can run up to 16 amps on 12 AWG wire and up to 12 amps on 14 AWG wire (80% of breaker tolerance). Also when it get to the fans use a wire junction box run your 3 wire cable in there and branch out to your fans from there with separate 2 wire cables. I believe that was your plan just wanted to clarify. Good luck!!