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Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) announced that it’s completed the first tranche of an anticipated $1-million non-brokered private placement of its capital stock. The first tranche brought in $500,000.
Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) announced that it’s completed the first tranche of an anticipated $1-million non-brokered private placement of its capital stock. The first tranche brought in $500,000.
As quoted in the press release:
A total of 14,285,714 newly issued common shares were placed with an arm’s length private investor at a price of $0.035 per share. Proceeds of this financing will be used for general working capital purposes.
The company owns the NICO gold-cobalt-bismuth-copper development, and in the release it highlights the work it has done there to date:
Fortune has completed confidentiality agreements with a number of globally recognized corporations interested in off-take of the Company’s cobalt sulphate production. Discussions are also advancing on project financing for the NICO development. The Government of the Northwest Territories is also proposing to make strategic investments in transportation infrastructure and workforce development as a top priority in the Mandate of the Government, which includes construction of the Tlicho All-Season Road to connect the community of Whati with the highway to Yellowknife. Fortune has environmental assessment approval to build a road from Whati to the mine as part of its proposed development.
Click here to read the full Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) press release.
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