By Devika Patel
Knoxville, Tenn., Oct. 1 - Fortune Minerals Ltd. said it will raise C$5 million in a private placement of stock.
The company will sell flow-through common shares at C$1.15 per share on a best efforts basis.
The deal will be conducted by a syndicate of agents led by CIBC World Markets Inc. and including Jones, Gable & Co. Ltd.
Proceeds will be used primarily for exploration and development of the company's NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Mount Klappan anthracite coal project in British Columbia.
Fortune is a mineral resource company based in Toronto.
| Issuer: | Fortune Minerals Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$5 million
|
| Price: | C$1.15
|
| Warrants: | No
|
| Agent: | CIBC World Markets Inc. (lead), Jones, Gable & Co. Ltd.
|
| Pricing date: | Oct. 1
|
| Stock symbol: | Toronto: FT
|
| Stock price: | C$1.01 at close Oct. 1
|
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