March 18, 2014
/PRNewswire/ - Fortune Bay Corp. ("Fortune Bay" or the "Company") (TSX: FOR) is pleased to announce that it intends to complete a non-brokered flow-through financing for aggregate gross proceeds to the Company of
(the "Offering"). The Company intends to issue 1,725,000 units at an issue price of
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
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
. The Company will renounce the Qualifying Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended
December 31, 2014
Closing of the Offering is subject to the approval of the Toronto Stock 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 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
approximately 640 km north of
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.