HALIFAX, April 1, 2014 /CNW/ - Fortune Bay Corp. ("Fortune Bay" or the
"Company") (TSX: FOR) is pleased to announce that it has completed its
previously announced non-brokered flow-through financing for aggregate
gross proceeds to the Company of $450,000 (the "Offering"). The
Company issued 1,607,144 units at an issue price of $0.28 per unit,
with each unit comprised of one flow-through share and one-half of one
warrant. Each whole warrant will be exercisable into a common share of
the Company at an exercise price of $0.30 per share for a period of
three years.
The gross proceeds of the Offering will be used by the Company to incur
Canadian exploration expenses ("Qualifying Expenditures") prior to
December 31, 2015 on Fortune Bay's Goldfields project located in
Saskatchewan. The Company will renounce the Qualifying Expenditures to
subscribers of the Flow-Through Shares for the fiscal year ended
December 31, 2014.
All securities issued pursuant to the Offering are subject to a
statutory four-month hold period in accordance with Canadian securities
legislation.
About Fortune Bay
Fortune Bay owns, and will be engaged in, the exploration and potential
development of the Goldfields project. The Goldfields project is a
property comprised of 25,685 ha located in northern Saskatchewan
approximately 640 km north of Saskatoon and 450 km southeast of
Yellowknife, Northwest Territories. The Goldfields project currently
consists of two gold deposits: the Box deposit and the Athona deposit.
Cautionary and Forward‐Looking Statements
Except for the statements of historical fact contained herein, certain
information presented constitutes "forward-looking information" within
the meaning of applicable Canadian securities laws. Such
forward-looking information, includes, but is not limited to, the
closing of the Offering. While such forward-looking statements are
expressed by Fortune Bay, as stated in this release, in good faith and
believed by Fortune Bay to have a reasonable basis, they are subject to
important risks and uncertainties. As a result of these risks and
uncertainties, the events predicted in these forward-looking statements
may differ materially from actual results or events. These
forward-looking statements are not guarantees of future performance,
given that they involve risks and uncertainties. Fortune Bay does not
undertake any obligation to release publicly revisions to any
forward-looking statement, except as may be required under applicable
securities laws. Investors should not assume that any lack of update to
a previously issued forward-looking statement constitutes a
reaffirmation of that statement. Continued reliance on forward-looking
statements is at investors' own risk.
SOURCE Fortune Bay Corp.
Jon Legatto
(902) 442-7187
Copyright CNW Group 2014