HALIFAX, Jan. 22, 2018 /CNW/ - Fortune Bay Corp. (TSXV:
FOR) ("Fortune" or the "Company") is pleased to announce that it intends to complete a non-brokered private
placement for aggregate gross proceeds of up to $750,000 (the "Offering"). The Company intends
to issue 1,875,000 units at an issue price of $0.40 per unit, with each unit comprised of one
common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the Company
at an exercise price of $0.60 per share for a period of three years.
The gross proceeds of the Offering will be used to fund ongoing operating costs and the maintenance and further exploration at
Fortune Bay's Goldfields Project and Ixhuatán Project. The Goldfields Project consists of a 100% ownership interest in two
deposits, known as the Box and Athona deposits. The Box and Athona deposits are large, multi-million tonne open pit deposits
located in northern Saskatchewan, near Uranium City. The Ixhuatán Project is also 100%
owned and consists of the Rio Negro concession in the Chiapas State of Mexico. The Rio Negro concession is host to the
Campamento gold deposit and several gold and gold-silver mineralized zones and exploration targets.
The Offering will be led by Numus Capital Corp. ("Numus"). In connection with the Offering, Fortune Bay will pay a finder's
fee comprised of common shares equal to seven and one-half percent (7.5%) of the gross proceeds received by Fortune Bay from the
sale of units to Numus investors, plus warrants entitling Numus to purchase the number of shares in the Company that is equal to
seven and one-half percent (7.5%) of the units sold by Numus as part of the Offering.
Closing of the Offering is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the
Offering will be subject to a statutory four-month hold period in accordance with Canadian securities legislation.
About Fortune Bay
Fortune Bay is in the business of resource property exploration and owns 100% interests in two properties: the
Goldfields Project, located in Saskatchewan, Canada and the Ixhuatán Project located in the
Chiapas State of Mexico.
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 and the use of the proceeds 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
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