HALIFAX,
NS, Oct. 13, 2023 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce that it intends to complete a
non-brokered private placement for aggregate gross proceeds of up
to $700,000 (the "Offering"). The
Company intends to issue up to 3,043,478 units at an issue price of
$0.23 per unit, with each unit
comprised of one common share and one common share purchase
warrant. Each warrant will be exercisable into one common share of
the Company at an exercise price of $0.30 per share for a period of two years. The
proceeds from the private placement will be used to support the
Company's ongoing activities as outlined in the News Release
dated August 8, 2023.
To facilitate the Offering, Fortune Bay has entered into an
agreement, signed October 12, 2023,
with Numus Capital Corp. ("Numus" or the "Agent"), a registered
Exempt Market Dealer, to act as agent for the Offering. Fortune Bay
has agreed to pay to Numus a cash fee equal to 7.5% of the gross
proceeds received by Fortune Bay from the sale of units introduced
by the Agent, except on subscriptions received from directors,
officers, and employees of Fortune Bay, and to issue share purchase
warrants entitling Numus to purchase the number of shares in the
Company that is equal to 7.5% of the units sold by Numus as part of
the Offering to investors introduced by the Agent, except on
subscriptions received from directors, officers, and employees of
Fortune Bay. Each share purchase warrant will be exercisable into
one common share of Fortune Bay at $0.30 per share for a period of two years.
Completion of the financing is subject to the satisfaction of
certain conditions, including approval by the TSX Venture Exchange.
All securities issued pursuant to the Offering will be subject to a
four-month and one day hold period.
About Fortune Bay
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) 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 Murmac 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. Words
such as "expects", "aims", "anticipates", "targets", "goals",
"projects", "intends", "plans", "believes", "seeks", "estimates",
"continues", "may", variations of such words, and similar
expressions and references to future periods, are intended to
identify such forward-looking statements.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the Company's objectives, goals,
intentions or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples,
inability to reach access agreements with other Project
communities, amendments to applicable mining laws, uncertainties
relating to the availability and costs of financing needed in the
future, changes in equity markets, inflation, changes in exchange
rates, fluctuations in commodity prices, delays in the development
of projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. 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.
