By Sheri Kasprzak
Atlanta, May 4 - Fortress Minerals Corp. said it will receive $3 million in a private placement from Phelps Dodge Exploration Corp. over the course of two years.
Fortress has already received $1.7 million in the first portion of the deal by selling 2,656,250 shares at $0.64 each.
Phelps will invest in shares next year for total proceeds of $1.3 million. The shares will be priced at market price plus 50%.
Also, Fortress said it has accelerated the expiration on its warrants issued on March 21. A total of 6.72 million warrants were exercised for proceeds of C$1.68 million.
Based in Vancouver, B.C., Fortress is a mineral exploration company. It plans to use the proceeds for exploration expenses.
| Issuer: | Fortress Minerals Corp.
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| Issue: | Stock
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| Amount: | $1.7 million
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| Shares: | 2,656,250
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| Price: | $0.64
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| Warrants: | No
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| Investor: | Phelps Dodge Exploration Corp.
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| Settlement date: | May 3
|
| Stock price: | $0.53 at close May 3
|
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