Business
Fortune Minerals Limited raises $470,000 from second tranche of private placement for total of $4.7 million
/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ Issued ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES/\n\n\nIssued Capital: 64,890,857\n\n\nLONDON, ON, June 3 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"\nor the "Company") is pleased to announce that it has issued an additional\n667,000 units at $0.50 per unit and 195,000 flow-through shares at $0.70 per\nshare under two previously announced non-brokered private placements to raise\ngross proceeds of $470,000. Each unit consists of one common share and\none-half of one common share purchase warrant. Each whole warrant entitles the\nholder to purchase one common share for $0.80 on or before September 2, 2010.\nFortune has raised aggregate gross proceeds of $4,720,125 from the two\ntranches of the private placements.\n\n\nThe net proceeds of the offerings will be used: (i) to fund environmental\ntesting, permitting activities, engineering and other development work for the\nNICO gold-cobalt-bismuth-copper project in the Northwest Territories; (ii) for\ncompletion of the dismantling and demolition of the Golden Giant Mine\nbuildings and process facilities at Hemlo, Ontario, and storage of salvaged\nassets for subsequent relocation to NICO upon receipt of mine permits; and\n(iii) for working capital and general corporate purposes.\n\n\nThe securities being offered have not, nor will they be registered under\nthe United States Securities Act of 1933, as amended, and may not be offered\nor sold within the United States or to, or for the account or benefit of, U.S.\npersons absent registration or an applicable exemption from the registration\nrequirements. This release does not constitute an offer for sale of securities\nin the United States.\n\n\nAbout Fortune Minerals\n\n\nFortune Minerals is a diversified natural resource company with several\nmineral deposits and a number of exploration projects, all located in Canada.\nThey include the Mount Klappan anthracite coal deposits in British Columbia,\nand the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit\nand other base and precious metals exploration projects in the Northwest\nTerritories. Fortune Minerals is focused on outstanding performance and growth\nof shareholder value through assembly and development of high quality mineral\nresource projects.\n\n\n","length":2411,"tagName":"div"}]