Fortune Bay Announces Closing of C$8 Million Bought Deal Private Placement
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HALIFAX, NS October 30, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce the closing of its previously announced “bought deal” private placement (the “Offering“) for aggregate gross proceeds of C$8,000,071. Pursuant to the Offering, the Company offered and sold the following: (i) 1,438,900 common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “FT Shares”), at a price of $1.39 per FT Share, for gross proceeds of $2,000,071, and (ii) 6,000,000 common shares of the Company (the “HD Shares”), at a price of $1.00 per HD Share, for gross proceeds of $6,000,000.
Cormark Securities Inc. acted as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Canaccord Genuity Corp. (collectively, the “Underwriters“), under the Offering.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company’s Goldfields Gold Project in Saskatchewan. The Company intends to use the net proceeds of the offered HD Shares for the commencement of permitting activities and studies toward a pre-feasibility study for the Goldfields Gold Project, commencement of exploration at the Company’s Poma Rosa Project in Mexico subject to reaching community exploration agreements and receiving government permits, and working capital and general corporate purposes. Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2026, and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2025.
