HALIFAX, NS, Nov. 15, 2021 /CNW/ - Fortune Bay Corp.
(TSXV:FOR) (Frankfurt: 5QN)
("Fortune Bay" or the "Company") is pleased to announce that it
intends to increase the non-brokered private placement (the
"Offering"), previously announced on November 1, 2021, to aggregate gross
proceeds of approximately $6,860,000.
The Company intends to issue 4,669,231 units and 4,972,338 flow
through shares. Each unit will be 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 will be issued at a price of $0.77 per share.
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.
Closing of the Offering is subject to the approval of the TSX
Venture Exchange. 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.
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.
