Fortune Minerals closes flow-through private placement
19 November 2019
Fortune Minerals Limited is pleased to announce that it has closed a private placement of common shares issued on a “flow-through” basis pursuant to the Income Tax Act (Canada). A total of 7,500,000 new common shares were issued at a price of C$ 0.10 per share providing the Company with gross proceeds of C$750,000. The funds received from this private placement will be used to fund eligible Canadian Exploration Expenses on the Company’s wholly-owned NICO cobalt-gold-bismuth-copper project (“NICO Project”) in the Northwest Territories.
Fortune’s NICO deposit, and its nearby Sue-Dianne copper-silver-gold satellite deposit, belong to the Iron Oxide Copper-Gold (“IOCG“) class, among global analogues such as the Olympic Dam mine in South Australia, the Salobo and Sossego mines in Carajas, Brazil and the Candelaria district deposits in Chile. Two large, combined gravity, magnetic and magnetotelluric geophysical anomalies have been identified on the NICO Project leases that are independent of the known deposit and are indicative of unidentified high density, magnetic and conductive sources. Magnetotelluric surveys measure changes in magnetic and resistivity response and are commonly used to outline IOCG mineralization in other districts around the world. The proceeds from this issue will be used to better define the NICO Project targets for possible drill testing and for potential resource expansion.