Press Release
HALIFAX, NS August 2, 2024 – 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
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