Business
Fortune Minerals announces closing of the second 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\nFortune and Procon working together to advance the NICO Project towards\n construction activities in 2014 \n\n\nIssued Capital:  150,526,976\n\n\nLONDON, ON, Aug. 20, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to\n report that it has closed the second and final tranche of the private\n placement related to the previously announced strategic investment by\n Procon Resources Inc. (\"Procon\").  A total of 14,625,000 new common\n shares were issued pursuant to the second tranche at a price of $0.40\n per common share for gross proceeds to the Company of $5,850,000. After\n giving effect to the first and second tranches, Fortune has issued an\n aggregate of 29,250,000 common shares to Procon for total gross\n proceeds to the Company of $11,700,000. For more information regarding\n the private placement, please see the news releases of the Company\n dated June 27, 2013 and July 25, 2013. A copy of the subscription\n agreement relating to the private placement is available under the\n Company's SEDAR profile at www.sedar.com.\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\nThis news release does not constitute an offer to sell or the\n solicitation of an offer to buy, nor shall there be any sale of these\n securities, in any jurisdiction in which such offer, solicitation or\n sale would be unlawful prior to registration or qualification under the\n securities laws of such jurisdiction. The securities have not been and\n will not be registered under the United States Securities Act of 1933,\n as amended, or any state securities laws and may not be offered or sold\n within the United Sates unless an exemption from such registration is\n available.\n\n\nAbout NICO \n\n\nNICO is positioned to become a reliable Canadian-ba...