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Fortune Bay announces the closing of private placement
Fortune Bay announces the closing of private placement Canada NewsWire HALIFAX, ...
About this update from Fortune Bay Corp.
[{"type":"text","content":"\n\n\n\nFortune Bay announces the closing of private placement\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\nCanada NewsWire\nHALIFAX, Feb. 22, 2018\n\n\n\nHALIFAX, Feb. 22, 2018 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (\"Fortune Bay\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of $915,000 (the \"Offering\"). The Company issued 2,287,500 units at an issue price of $0.40 per unit, with each unit comprised of one common share and one common share purchase warrant.  Each warrant will be exercisable into one common share of the Company at an exercise price of $0.60 per share for a period of three years.  The securities issued in connection with the private placement are subject to a four-month hold period that will expire on June 23, 2018.  Directors of the Company subscribed for an aggregate of 512,500 units.\n\nThe gross proceeds of the Offering will be used to fund ongoing operating costs and the maintenance and further exploration at Fortune Bay's Goldfields Project and Ixhuatán Project.  The Goldfields Project consists of a 100% ownership interest in two deposits, known as the Box and Athona deposits.  The Box and Athona deposits are multi-million tonne open pit deposits located in northern Saskatchewan, near Uranium City.  The Ixhuatán Project is also 100% owned and consists of the Rio Negro concession in the Chiapas State of Mexico.  The Rio Negro concession is host to the Campamento gold deposit and several gold and gold-silver mineralized zones and exploration targets.\n\nThe Offering was led by Numus Capital Corp. (\"Numus\").  In connection with the Offering, Fortune Bay paid a finder's fee comprised of common shares equal to seven and one-half percent (7.5%) of the gross proceeds received by Fortune Bay from the sale of units to Numus investors, plus warrants entitling Numus to purchase the number of shares in the Company that is equal to seven and one-half percent (7.5%) of the units sold by Numus a...