Business
Fortune Minerals raises $2.345 million from flow-through financing
/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\nIssued Capital: 68,240,857 (including shares issued pursuant to this\noffering)\n\n\nLONDON, ON, Aug. 14 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"\nor the "Company") is pleased to announce that it has issued 3,350,000\nflow-through shares at $0.70 per share under a non-brokered private placement\nto institutional investors to raise gross proceeds of $2,345,000. The gross\nproceeds of the offering will be used: (i) to fund environmental testing,\nengineering studies and site activities at its NICO gold-cobalt-bismuth-copper\nproject in the Northwest Territories, (ii) to fund site studies for the\nproposed southern hydrometallurgical facility in western Canada and (iii) to\nfund engineering studies at its Mount Klappan anthracite coal project in\nnorthwest British Columbia.\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. This release does not constitute an offer for sale of securities in\nthe 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 gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver\ndeposit and other base and precious metals exploration projects in the\nNorthwest Territories. Fortune Minerals owns the buildings and equipment from\nthe Golden Giant Mine at Hemlo, Ontario, which have been dismantled for\nrelocation to NICO. Fortune Minerals is focused on outstanding performance and\ngrowth of shareholder value through assembly and development of high quality\nmineral resource projects.\n\n\n","length":2072,"tagName":"div"}]