HALIFAX,
NS, Aug. 2, 2024 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce that it has increased and closed
its previously announced private placement. The non-brokered
private placement was closed for aggregate gross proceeds of
$600,000, an increase over the
$500,000 initially announced (the
"Offering"). The Company issued 2,727,272 units at a price of
$0.22 per unit. Each unit is
comprised of one common share and one-half common share purchase
warrant, with each whole warrant exercisable into one common share
of the Company at an exercise price of $0.30 per share for a period of two
years.
The Company intends to use the proceeds of the Offering to fund
exploration and project development at Fortune Bay's Saskatchewan projects, and for general
operating costs.
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 Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an
exploration and development company with 100% ownership in two
advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and
Mexico, Chiapas (Ixhuatán Project), both with
exploration and development potential. The Company is also
advancing seven uranium exploration projects on the northern rim of
the Athabasca Basin, Saskatchewan, which have high-grade potential.
The Company has a goal of building a mid-tier exploration and
development Company through the advancement of its existing
projects and the strategic acquisition of new projects to create a
pipeline of growth opportunities. The Company's corporate strategy
is driven by a Board and Management team with a proven track record
of discovery, project development and value creation. Further
information on Fortune Bay and its assets can be found on the
Company's website at www.fortunebaycorp.com or by
contacting us as info@fortunebaycorp.com or by
telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking
Information
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions, and expectations. They are
not guarantees of future performance. Words such as "expects",
"aims", "anticipates", "targets", "goals", "projects", "intends",
"plans", "believes", "seeks", "estimates", "continues", "may",
variations of such words, and similar expressions and references to
future periods, are intended to identify such forward-looking
statements.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the Company's objectives, goals,
intentions or future plans, statements, exploration results,
potential mineralization, timing of the commencement of operations
and estimates of market conditions. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to failure to identify targets or
mineralization, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, inability to reach access agreements
with other Project communities, amendments to applicable mining
laws, uncertainties relating to the availability and costs of
financing or partnerships needed in the future, changes in equity
markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, capital
and operating costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, and those risks set out in the Company's public documents
filed on SEDAR+. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be
placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. For more information on Fortune Bay, readers should refer to
Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Fortune Bay Corp.