FORTUNE BAY TO COMPLETE NON-BROKERED PRIVATE PLACEMENT

In This Article:

HALIFAX, NS, July 17, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement for aggregate gross proceeds of up to $500,000 (the "Offering"). The Company intends to issue up to 2,272,727 units.  Each unit will be issued at a price of $0.22 per unit, with each unit comprised of one common share and one-half common share purchase warrant.  Each whole warrant will be exercisable into one common share of the Company at an exercise price of $0.30 per share for a period of two years.

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)
Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

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 [email protected] 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.