Fortune Bay Corp. is pleased to announce that it intends to complete a non-brokered private placement for aggregate gross proceeds of up to $5,500,000 . The Company intends to issue up to 3,076,923 units and up to 4,545,454 flow through shares.  Each unit will be issued at a price of $0.65 per unit, with each unit comprised of one common share and one-half common share purchase warrant.  Each whole warrant will be ...

Fortune Bay Corp. (TSXV: FOR) ( Frankfurt : 5QN) ("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 $5,500,000 (the "Offering"). The Company intends to issue up to 3,076,923 units and up to 4,545,454 flow through shares.  Each unit will be issued at a price of $0.65 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 $0.85 per share for a period of two years.  The flow through shares will be issued at a price of $0.77 per share.

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, Frankfurt : 5QN) 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 the 100% owned Strike and Goldfields West uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. 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.

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. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/November2021/01/c7956.html

News Provided by Canada Newswire via QuoteMedia

Vanstar Signs LOI with IAMGOLD to Acquire the Calder Bousquet Property and Provides Update on Nelligan Project

Vanstar Signs LOI with IAMGOLD to Acquire the Calder Bousquet Property and Provides Update on Nelligan Project

Vanstar Mining Resources Inc. (TSXV: VSR (OTCQX: VMNGF) ("Vanstar", or the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with IAMGOLD Corporation ("IAMGOLD") to acquire a 75% interest in the Calder-Bousquet property (the "Property") also referred as the Bousquet-Odyno project. The Property consists of 37 contiguous mining claims covering approximately 1,490 ha and is located directly south of highway 117 between the towns of Rouyn-Noranda and Malartic. The Property lies within the Abitibi greenstone gold belt, along the Cadillac break, a prolific gold bearing regional structure that has produced 100 million ounces of gold since 1900. Historical drilling on the property prior to IAMGOLD has identified a number of gold zones, including the Calder-Bousquet Zones No. 2, No. 4 and No. 5. Historical drilling has been relatively shallow, down to approximately 250 metres ("m").

From 2010 to 2016, IAMGOLD engaged in successive exploration programs including surface geological mapping and outcrop stripping to develop and refine structural controls relating to the historical gold zones, geophysics and geochemistry surveys to guide drilling programs and the completion of just over 20,000 m of diamond drilling to test historical gold zones and other exploration targets. Selected results from IAMGOLD's drilling programs include:

Keep reading... Show less
TDG Gold Corp. 'S First Drill Results at Shasta Report Up To 25 G/T Gold and >100 G/T Silver

TDG Gold Corp. 'S First Drill Results at Shasta Report Up To 25 G/T Gold and >100 G/T Silver

TDG Gold Corp. (TSXV: TDG) (the "Company" or "TDG") is very pleased to announce the first drill results of its 2021 Shasta diamond drill campaign from holes SH21-004 and SH21-005. These holes are located over 50 metres ("m") south of historical underground workings and provide the first drill section and new samples of in-situ mineralization. These results have been received directly from SGS Canada Inc. ("SGS") and are the first preliminary 2021 drill results released for TDG's Shasta project which is located in the Toodoggone district of north-central B.C. The results are subject to further quality assurance and quality control assessment, and several over limit re-assays are pending for gold (>10 grams per tonne "gt") and silver (>100 gt) as shown below. The highest grade gold ("Au") and silver ("Ag") assay intervals are shown in Table 1 below. The assay results reported either side of the high grade gold and silver intercepts are indicative of halo style mineralization at Shasta (see Table 2) and which has been demonstrated to exist in epithermal gold and silver deposits in the Toodoggone district

Table 1. Select intervals of preliminary assay results.

Keep reading... Show less
Gran Colombia Changes Name to GCM Mining Corp.

Gran Colombia Changes Name to GCM Mining Corp.

Gran Colombia Gold Corp. (the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that it has changed its name to GCM Mining Corp. effective immediately and its website can be found at www.gcm-mining.com .

Commenting on the name change, Serafino Iacono, Executive Chairman of the Company, said "We are very proud of our Colombian roots and, in Colombia, we will continue to operate as Gran Colombia. Our new corporate name reflects our strategy to grow through diversification, expanding our operations and investments to other countries and broadening our products to include other metals beyond just gold and silver. With the acquisition earlier this year of the Toroparu Project in Guyana and our equity stake in Denarius and its flagship Lomero Project in Spain, we have commenced our diversification strategy. We have a strong balance sheet and we are fully funded to build Toroparu, one of the largest undeveloped gold/copper projects in the Americas. We expect to announce the results on the updated mineral resource estimate and preliminary economic assessment for Toroparu shortly, solidifying its position along with our Segovia Operations, as a cornerstone asset in GCM Mining Corp."

Keep reading... Show less
Bald Eagle Announces Closing of Aqusition of Leviathan Property and Provides Corporate Update

Bald Eagle Announces Closing of Aqusition of Leviathan Property and Provides Corporate Update

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

Bald Eagle Gold Corp., (" Bald Eagle " or the " Company ") (TSXV: BIG) (OTCBQ: BADEF) announces that further to the Company's press release dated November 16, 2021 the Company has closed the acquisition of a 100% interest in the Leviathan Property located in the Heath Mining District of Washington County, Idaho USA (the " Property "). The Property is located immediately east of and adjoins the Company's recently acquired Hercules silver property.

Keep reading... Show less

Kirkland Lake Gold Announces Receipt of Notices for Investigation and Improvement by Environmental Protection Authority Victoria

Kirkland Lake Gold Ltd. (" Kirkland Lake Gold " or the " Company ") (TSX:KL) (NYSE:KL) (ASX:KLA) today reported that the Company has been advised by the Environmental Protection Authority ("EPA") Victoria of the Victorian Government that the EPA has determined that low-level frequency noise (in the range of 16-20 Hz) is being emitted by the Fosterville Mine.

The EPA has provided the Company with a Notice to Investigate and an Improvement Notice focused on the low-level frequency noise which it believes is emanating from the mine. Included within the notices are stated timelines covering a period of just over two months for investigating and resolving the issue of low-frequency noise as well as reporting to the EPA on modifications introduced and new testing completed. In addition, the EPA has indicated to the Company that additional action may be taken by the EPA that could result in restrictions on the use of certain equipment, primarily surface ventilation fans and surface drill rigs in the south portion of the mining lease, during the night, while the remediation period is completed. The potential impact of such measures on the Fosterville operations, should they be introduced, is currently being investigated.

Management at Fosterville has been aware of concerns expressed by residents in recent months regarding low-level frequency noise and has taken steps to evaluate and address these concerns. As part of these efforts, Fosterville commissioned two independent studies on noise levels produced by the mine. The studies were completed by accredited noise and acoustic specialist firms based in Australia, with both studies concluding that all mine generated noise was within regulatory limits.

Keep reading... Show less
Kalgold’s First Drill Program Hits Gold At Bulong Taurus

Kalgold’s First Drill Program Hits Gold At Bulong Taurus

Kalgoorlie Gold Mining (ASX:KAL) ('KalGold' or 'the Company') is pleased to advise that the Company's first drill program has intersected gold at its lead project, Bulong Taurus, 35km to the east of Kalgoorlie- Boulder. Two targets were tested, La Mascotte and Great Ophir, with shallow oxide gold confirmed at both.

Keep reading... Show less

Top News

Related News