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Fortune Bay Announces Closing of $6,863,700 Non-Brokered Private Placement
Fortune Bay Announces Closing of $6,863,700 Non-Brokered Private Placement Cana...
About this update from Fortune Bay Corp.
[{"type":"text","content":"\n \n \n \n Fortune Bay Announces Closing of $6,863,700 Non-Brokered Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n Dec. 2, 2021\n \n /CNW/ - Fortune Bay Corp. (TSXV: FOR) (\n \n Frankfurt\n \n : 5QN) (\"Fortune Bay\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Offering\") for aggregate gross proceeds of\n \n $6,863,700\n \n . The Company issued 4,669,231 units and 4,972,338 flow through shares.  Each unit was issued at a price of\n \n $0.65\n \n per unit, with each unit comprised of one common share and one-half common share purchase warrant.  Each whole warrant will be exercisable into one common share of the Company at an exercise price of\n \n $0.85\n \n per share for a period of two years.  The flow through shares were issued at a price of\n \n $0.77\n \n per share.\n \n \n \n \n \n \n \n \n \n Finder's fees of\n \n $480,459\n \n are payable in cash. In addition, a total of 674,909 non-transferable finder's warrants are issuable (the \"Finder's Warrants\"), with 326,846 Finder's Warrant having an exercise price of\n \n $0.65\n \n per share and 348,064 Finder's Warrant having an exercise price of\n \n $0.77\n \n per share. Each Finder's Warrant entitles a finder to purchase one common share at the applicable exercise price for two years from the date of issue, expiring on\n \n December 2, 2023\n \n .\n \n \n The Company intends to use the proceeds of the Offering to fund exploration and project development at Fortune Bay's\n \n Saskatchewan\n \n projects, and for general operating costs.\n \n \n Directors and officers of the Company subscribed for an aggregate of 30,770 units and 32,468 flow through shares. The participation of an insider in the Offering constitutes a \"related party transaction\", as such terms are defined by Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"). The Company is relying on an exemption...