By Devika Patel
Knoxville, Tenn., Feb. 7 - Fortress Minerals Corp. said it is increasing a non-brokered private placement of shares to raise C$15.6 million. The deal priced for C$13 million on Jan. 31.
The company now plans to sell 12 million common shares, increased from 10 million shares, at C$1.30 apiece. Vostok Nafta Investment Ltd. will buy 6 million shares for C$7.8 million.
Proceeds will be used to repay a Jan. 8 loan, for work at the company's Svetloye project in Russia and general working capital purposes.
Vancouver, B.C.-based Fortress is a precious and base metals exploration company.
| Issuer: | Fortress Minerals Corp.
|
| Issue: | Common shares
|
| Amount: | C$15.6 million
|
| Shares: | 12 million
|
| Price: | C$1.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Vostok Nafta Investment Ltd. (for C$7.8 million)
|
| Pricing date: | Jan. 31
|
| Upsized: | Feb. 7
|
| Stock symbol: | TSX Venture: FST
|
| Stock price: | C$1.34 at close Jan. 30
|
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