Business
Fortune Minerals announces closing of the first tranche of the Procon Resources strategic investment
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/ ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE\n SERVICES/\n\n\nSecond tranche expected to close on August 20, 2013 \n\n\nIssued Capital:  135,901,976\n\n\nLONDON, ON, July 25, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to report that it has closed the first tranche of the\n private placement related to the previously announced strategic\n investment by Procon Resources Inc., a subsidiary of Procon Holdings\n (Alberta) Inc., collectively (\"Procon\").  A total of 14,625,000 new\n common shares were issued at a price of $0.40 per common share for\n proceeds of $5,850,000. The second tranche of the private placement is\n now expected to close on August 20, 2013. For more information\n regarding the private placement, please see the news release of the\n Company dated June 27, 2013.\n\n\nFortune and Procon are working together to advance the NICO\n Gold-Cobalt-Bismuth-Copper Project (\"NICO\" or the \"Project\") in the\n Northwest Territories (\"NT\"), Canada towards the objective of\n commencing construction activities in 2014, including completing\n project financing arrangements, detailed engineering, and a project\n execution plan. Fortune will use the proceeds of the private placement\n financing to advance the Project and for working capital.\n\n\nPursuant to the private placement agreement with Procon, Mr. Ed\n Yurkowski has joined the board of directors of Fortune. Mr. Yurkowski\n is the Chief Executive Officer of Procon, which in addition to the\n resource company is a full service mining contractor through Procon\n Mining & Tunneling Inc. Mr. Yurkowski has been involved in the mining\n and civil contracting industries since 1966, including ownership and\n management of two large mining construction contracting companies. He\n is a founder of Procon and remains a principal shareholder following\n the purchase in 2012 of a majority interest in the corporation by China\n CAMC Engineering Co. Ltd. Mr. Yurkowski guides the corporate governance\n of Procon and directly oversees its business development functions and\n the overall strategic direction and operation of the corporation. Mr.\n Yurkowski received his Bachelor of Science in Civil Engineering in 1971\n from the University of Saskatchew...