Fortune Bay Corp. announces definitive agreement with Kneat Solutions Limited and intention to complete private placement

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[{"type":"text","content":"\n\n\n\nFortune Bay Corp. announces definitive agreement with Kneat Solutions Limited and intention to complete 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\n\n\n\n\n\nFortune Bay Corp. announces definitive agreement with Kneat Solutions Limited and intention to complete private placement\nCanada NewsWire\nHALIFAX, Feb. 10, 2016\n\n\n\nHALIFAX, Feb. 10, 2016 /CNW/ - Fortune Bay Corp. (\"Fortune Bay\") (TSX: FOR) and Kneat Solutions Limited (\"Kneat\") are pleased to announce that they have entered into a transaction agreement pursuant to which Fortune Bay will: (i) spin-out its resources properties by way of a court-approved plan of arrangement in Ontario (the \"Arrangement\"); and (ii) acquire 100% of the issued and outstanding ordinary shares of Kneat by way of a concurrent scheme of arrangement in Ireland (the \"Merger\").  The Merger will create a listed Canadian software company providing leading compliance document and data management solutions for the life sciences industry and other regulated industries.  By merging with Fortune Bay, Kneat acquires access to public markets and the increased financial resources required to meet the growing demand for its software solutions.\n\nPursuant to the Arrangement, Fortune Bay shareholders will receive one (1) new common share of Fortune Bay (each a \"New Fortune Bay Share\") and one and one half (1.5) of a common share (a \"Spinco Share\") of a newly formed exploration company (\"Spinco\") in exchange for each three (3) common shares of Fortune Bay held by them.  Upon closing of the Arrangement and the Merger, Fortune Bay shareholders will hold 100% of the issued and outstanding Spinco Shares and 31.3% of the issued and outstanding New Fortune Bay Shares, with the former shareholders of Kneat holding the remaining 68.7% of the issued and outstanding New Fortune Bay Shares.  In addition to acquiring all the issued and outstanding shares of Kneat, Fortune Bay will retain net CAD $8.2 million. SpinCo will hold Fortune Bay's interests in the Goldfields project in Saskatchewan and the Ixhuatán...

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