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HALIFAX, NS October 30, 2023 – Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of $700,000 (the “Offering”). The Company issued 3,043,481 units at an issue price of $0.23 per unit, with each unit comprised of one common share and one common share purchase warrant.  Each 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. The proceeds from the private placement will be used to support the Company’s ongoing activities as outlined in the News Release dated August 8, 2023. 

Finder’s fees of $36,000 were paid in cash. In addition, a total of 156,522 non-transferable finder’s warrants are issuable (the “Finder’s Warrants”), having an exercise price of $0.30 per share. Each Finder’s Warrant entitles the finder to purchase one common share at the applicable exercise price for two years from the date of issue.