Fortune Minerals Closes Additional Private Placement of Flow-through Common Shares

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[{"type":"text","content":"LONDON, Ontario--(BUSINESS WIRE)--Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has closed the second tranche of a private placement of common shares issued on a “flow-through” basis pursuant to the Income Tax Act (Canada). A total of 4,750,000 new common shares were issued at a price of C$ 0.10 per share providing the Company with gross proceeds of C$475,000. The funds received from this private placement will be used to fund eligible Canadian Exploration Expenses on the Company’s wholly-owned NICO cobalt-gold-bismuth-copper project (“NICO Project”) in the Northwest Territories. This close is in addition to the private placement announced in November (See Fortune’s news release dated November 19, 2019) bringing the cumulative gross proceeds raised under the offering to C$1,225,000. This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a \"Qualified Person\" under National Instrument 43-101. About Fortune Minerals Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories. The Company has an option to purchase lands in Saskatchewan where it may build the hydrometallurgical plant to process NICO metal concentrates. Fortune also owns the Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill. Follow Fortune Minerals: Click here to subscribe to Fortune’s email list. Click here to follow Fortune on LinkedIn. This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forwar...

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