Business
Fortune Minerals announces closing of $17.25 million public offering
Fortune Minerals announces closing of $17.25 million public offering
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nDec. 3, 2009 (Canada NewsWire Group) -- LONDON, ON, Dec. 3 /CNW/ -- Fortune Minerals Limited (TSX-FT) (\"Fortune Minerals\" or the \"Company\") is pleased to announce that it has closed its previously announced public offering (the \"Offering\") consisting of 26,538,550 units at an offering price of $0.65 per unit for aggregate gross proceeds of $17,250,057.50, which includes the issuance of 3,461,550 units pursuant to the full exercise of the agents' over-allotment option. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share of Fortune Minerals at an exercise price of $0.80 per common share at any time up to 5:00 p.m. (Toronto time) on December 3, 2011. The units were offered for sale, on a \"best efforts\" agency basis, by a syndicate of agents led by Paradigm Capital Inc. and including CIBC World Markets Inc., Dundee Securities Corporation, Jones, Gable & Company Limited and Loewen, Ondaatje, McCutcheon Limited.The net proceeds of the Offering will be used principally by Fortune Minerals to fund the permitting process associated with the NICO gold-cobalt-bismuth-copper project in the Northwest Territories (the \"NICO Project\"), the costs of the Southern Hydrometallurgical Facility, the transportation and refurbishment of the Hemlo Mill and long lead equipment for the NICO Project. The remaining net proceeds will be added to working capital and used for maintaining and joint venturing the Mount Klappan anthracite coal project in British Columbia, maintaining the Company's interests in its other projects and for administrative and general corporate purposes.The common shares and the warrants comprising the units are listed and posted for trading on the Toronto Stock Exchange (\"TSX\") under the symbols \"FT\" and \"FT.WT\", respectively. The TSX has also approved for listing any common shares to be issued upon the exercise of the warrants.The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.About Fortune MineralsFortune Minerals is a diversified natural resource company with several mineral deposits and a ...