By Devika Patel
Knoxville, Tenn., July 2 - Fortune Minerals Ltd. said it has settled a C$1.98 million non-brokered private placement of stock.
The company sold 2,535,000 flow-through shares at C$0.78 per share.
Proceeds will be used for exploration expenses on Fortune's properties, including drilling, metallurgical test work, environmental testing and engineering studies for its NICO gold-cobalt-bismuth-copper project in the Northwest Territories.
Fortune is a mineral resource company based in Toronto.
| Issuer: | Fortune Minerals Ltd.
|
| Issue: | Flow-through shares
|
| Amount: | C$1,977,300
|
| Shares: | 2,535,000
|
| Price: | C$0.78
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Settlement date: | July 2
|
| Stock symbol: | Toronto: FT
|
| Stock price: | C$0.63 at close July 1
|
| Market capitalization: | C$60.7 million
|
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