By Devika Patel
Knoxville, Tenn., March 7 - Fortune River Resources Corp. said it plans to conduct a C$2.1 million non-brokered private placement of units.
The company will sell 6 million units of one common share and one half-share warrant at C$0.35 apiece. Each warrant will be exercisable for one common share at C$0.40 for two years.
Proceeds will be used to fund drilling programs on the company's projects in the United States and for working capital.
Based in Vancouver, B.C., Fortune River is a gold exploration company.
| Issuer: | Fortune River Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.1 million
|
| Units: | 6 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | March 7
|
| Stock symbol: | TSX Venture: FRX
|
| Stock price: | C$0.385 at close March 7
|
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