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Fortune Minerals Completes First $500,000 Tranche of $1 Million Private Placement
Fortune Minerals Completes First $500,000 Tranche of $1 Million Private Placement ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nFortune Minerals Completes First $500,000 Tranche of $1 Million 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nFortune Minerals Completes First $500,000 Tranche of $1 Million Private Placement\nCanada NewsWire\nLONDON, ON, March 9, 2016\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/\n\nDiscussions continue with potential off-take customers for Company's planned battery-grade cobalt sulphate production and NICO project financing \n\nIssued Capital: 241,363,294\n\n\n\nLONDON, ON, March 9, 2016 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to announce that it has completed the first $500,000 tranche of an anticipated $1 million non-brokered private placement of the Company's capital stock.  A total of 14,285,714 newly issued common shares were placed with an arm's length private investor at a price of $0.035 per share. Proceeds of this financing will be used for general working capital purposes. \n\nFortune owns the proposed vertically integrated NICO Gold-Cobalt-Bismuth-Copper development, that comprises a planned mine and concentrator in the Northwest Territories and refinery near Saskatoon where concentrates from the mine will be processed to higher value products. The NICO project has already been assessed in a positive feasibility study and has received its environmental assessment approvals in the Northwest Territories and Saskatchewan. The NICO Mineral Reserves will support a 21-year mine life at a mill rate of 4,650 tonnes of ore per day to produce 180 wet tonnes of concentrate per day for shipment to the refinery in Saskatchewan.  Life of mine average annual production is forecast at 41,300 ounces of gold, 1,615 tonnes of cobalt contained in a battery grade cobalt sulphate heptahydrate, 1,750 tonnes of bismuth in ingots, needles and oxide, and 265 tonnes of copper.   \n\nThe cobalt market has been growing at a compound annual growth rate of approximately...