HALIFAX, April 1, 2014 /CNW/ - Fortune Bay Corp. ("Fortune
Bay" or the "Company") (TSX: FOR) is pleased to announce that it
has completed its previously announced non-brokered flow-through
financing for aggregate gross proceeds to the Company of
$450,000 (the
"Offering"). The Company issued 1,607,144 units at an
issue price of $0.28 per unit, with
each unit comprised of one flow-through share and one-half of one
warrant. Each whole warrant will be exercisable into a common
share of the Company at an exercise price of $0.30 per share for a period of three years.
The gross proceeds of the Offering will be used
by the Company to incur Canadian exploration expenses ("Qualifying
Expenditures") prior to December 31,
2015 on Fortune Bay's Goldfields project located in
Saskatchewan. The Company
will renounce the Qualifying Expenditures to subscribers of the
Flow-Through Shares for the fiscal year ended December 31, 2014.
All securities issued pursuant to the Offering
are subject to a statutory four-month hold period in accordance
with Canadian securities legislation.
About Fortune Bay
Fortune Bay owns, and will be engaged in, the exploration and
potential development of the Goldfields project. The Goldfields
project is a property comprised of 25,685 ha located in northern
Saskatchewan approximately 640 km
north of Saskatoon and 450 km
southeast of Yellowknife, Northwest
Territories. The Goldfields project currently consists of
two gold deposits: the Box deposit and the Athona deposit.
Cautionary and Forward‐Looking
Statements
Except for the statements of historical fact
contained herein, certain information presented constitutes
"forward-looking information" within the meaning of applicable
Canadian securities laws. Such forward-looking information,
includes, but is not limited to, the closing of the Offering. While
such forward-looking statements are expressed by Fortune Bay, as
stated in this release, in good faith and believed by Fortune Bay
to have a reasonable basis, they are subject to important risks and
uncertainties. As a result of these risks and uncertainties, the
events predicted in these forward-looking statements may differ
materially from actual results or events. These forward-looking
statements are not guarantees of future performance, given that
they involve risks and uncertainties. Fortune Bay does not
undertake any obligation to release publicly revisions to any
forward-looking statement, except as may be required under
applicable securities laws. Investors should not assume that any
lack of update to a previously issued forward-looking statement
constitutes a reaffirmation of that statement. Continued reliance
on forward-looking statements is at investors' own risk.
SOURCE Fortune Bay Corp.