Fortune Bay to Increase Non-brokered Private Placement
HALIFAX, NS April 7, 2025 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce that it intends to increase the non-brokered private placement (the “Offering”), previously announced on April 2, 2025, to aggregate gross proceeds of up to $3,000,000. The Company intends to issue up to 9,375,000 units. Each unit will be issued at a price of $0.32 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 $0.45 per share for the first year from the date of issuance and $0.55 per share for the second year from the date of issuance.
The Company intends to use the proceeds of the Offering to fund advancement of the Company’s projects in Canada and Mexico, and for general corporate purposes.
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.
Certain insiders of the Company may participate in the Offering. Such participation would be considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The related party transaction is expected to be exempt from minority approval and valuation requirements pursuant to the exemptions contained in Section 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the securities to be issued under the Offering will not exceed 25% of the Company’s market capitalization.
