#Uranium #Stocks in the
News: Fortune Bay (TSXV: $FOR.V) Announces Closing of $6,863,700 Non-Brokered
Private Placement; @fortunebaycorp
HALIFAX, NS - December 3, 2021 (Investorideas.com Newswire) Fortune Bay Corp. (TSXV:FOR, Frankfurt:5QN) ("Fortune Bay" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") for aggregate gross proceeds of $6,863,700. The Company issued 4,669,231 units and 4,972,338 flow through shares. Each unit was issued at a price of $0.65 per unit, with each unit comprised of one common share and one-half common share purchase warrant. Each whole warrant will be exercisable into one common share of the Company at an exercise price of $0.85 per share for a period of two years. The flow through shares were issued at a price of $0.77 per share.
Read this news, featuring FOR in full at https://www.investorideas.com/CO/FOR/news/2021/12031Closing-Private-Placement.asp
Finder's fees of $480,459 are payable in cash. In addition, a
total of 674,909 non-transferable finder's warrants are issuable (the
"Finder's Warrants"), with 326,846 Finder's Warrant having an
exercise price of $0.65 per share and 348,064 Finder's Warrant having an
exercise price of $0.77 per share. Each Finder's Warrant entitles a finder to
purchase one common share at the applicable exercise price for two years from
the date of issue, expiring on December 2, 2023.
The Company intends to use the proceeds of the Offering to
fund exploration and project development at Fortune Bay's Saskatchewan
projects, and for general operating costs. Directors and
officers of the Company subscribed for an aggregate of 30,770 units and 32,468
flow through shares. The participation of an insider in the Offering
constitutes a "related party transaction", as such terms are defined
by Multilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company is relying on an
exemption from the formal valuation requirements of MI 61-101 available on the
basis of the securities of the Company not being listed on specified markets.
The Company is also relying on the exemption from minority shareholder approval
requirements under MI 61-101 as the fair market value of the participation in
the Offering by the Insiders does not exceed 25% of the market capitalization
of the Company.
All securities issued pursuant to the Offering will be subject
to a statutory four-month hold period in accordance with Canadian securities
legislation.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, Frankfurt: 5QN) is an exploration
and development company with 100% ownership in two advanced gold exploration
projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas
(Ixhuatán Project), both with exploration and development potential. The
Company is also advancing the 100% owned Strike and Goldfields West uranium
exploration projects, located near the Goldfields Project, which have
high-grade potential typical of the Athabasca Basin. The Company has a goal of
building a mid-tier exploration and development Company through the advancement
of its existing projects and the strategic acquisition of new projects to
create a pipeline of growth opportunities. The Company's corporate strategy is
driven by a Board and Management team with a proven track record of discovery,
project development and value creation. Further information on Fortune Bay and
its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting
us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement
Regarding Forward-Looking Information
Information
set forth in this news release contains forward-looking statements that are
based on assumptions as of the date of this news release. These statements
reflect management's current estimates, beliefs, intentions and expectations.
They are not guarantees of future performance. Fortune Bay Corp. ("Fortune
Bay" or the "Company") cautions that all forward-looking
statements are inherently uncertain, and that actual performance may be
affected by a number of material factors, many of which are beyond Fortune
Bay's control. Such factors include, among other things: risks and
uncertainties relating to metal prices, changes in planned work resulting from
weather, logistical, technical or other factors, the possibility that results
of work will not fulfill expectations and realize the perceived potential of
Fortune Bay's mineral properties, uncertainties involved in the interpretation
of drilling results and other tests, the possibility that required permits may
not be obtained in a timely manner or at all, risk of accidents, equipment
breakdowns or other unanticipated difficulties or interruptions, the possibility
of cost overruns or unanticipated expenses in work programs, the risk of
environmental contamination or damage resulting from the exploration
operations, the need to comply with environmental and governmental regulations
and the lack of availability of necessary capital, which may not be available
to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the
specific risks inherent in the mining business as well as general economic and
business conditions. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward-looking information. Except as
required under applicable securities legislation, Fortune Bay undertakes no
obligation to publicly update or revise forward-looking information. Fortune
Bay does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required under applicable securities
legislation. For more information on Fortune Bay, readers should refer to
Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
Fortune Bay Corp. (TSXV: FOR) is a
featured Mining stock on Investorideas.com
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