
FORTUNE BAY CLOSES $3,000,000 PRIVATE PLACEMENT
HALIFAX, NS, April 23, 2025 /CNW/ – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ('Fortune Bay' or the 'Company') is pleased to announce that it has closed its non-brokered private placement (the 'Offering'), previously announced on April 7, 2025, for aggregate gross proceeds of $3,000,000. The Company issued 9,375,000 units. Each unit was 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 is 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. Directors, officers and other non-arm's length parties of the Company subscribed for an aggregate of 1,531,250 units.
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.
Numus Capital Corp. ('Numus') acted as a finder for a portion the Offering. Finder's fees of $17,500 were paid in cash and a total of 54,688 non-transferable finder's warrants were issued (the 'Finder's Warrants'), having 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. 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.
Numus is a non-arm's length party to the Company as a director of the Company holds a non-controlling interest in Numus. The engagement of Numus, and the purchase of units by insiders of the Company pursuant to the Offering, constitutes a 'related party transaction', as such terms are defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available on the basis of the securities of the Company not being listed on specified markets. The Company is also relying on the exemption from minority shareholder approval requirements under MI 61-101 as the fair market value of the participation in the Offering by the Insiders does not exceed 25% of the market capitalization of the Company.
All securities issued pursuant to the Offering will be subject to a four-month and one day hold period.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
'Dale Verran'Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as 'expects', 'aims', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'continues', 'may', variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Malaysian Reserve
7 hours ago
- Malaysian Reserve
FINAL NOTICE: Shareholders Have the Right to Lead the BigBear.ai Holdings, Inc. Securities Lawsuit
LOS ANGELES, June 9, 2025 /PRNewswire/ — The DJS Law Group reminds investors of a class action lawsuit against Holdings, Inc. ('BigBear' or 'the Company') (NYSE: BBAI) for violations of the federal securities laws. Shareholders who purchased the Company's securities between March 31, 2022 and March 25, 2025, inclusive (the 'Class Period'), are encouraged to contact the firm before June 10, 2025. CASE DETAILS: The complaint alleges that the Company made false and misleading statements to the market concerning whether BigBear failed to maintain adequate accounting review policies for the disclosure of non-routine and complex transactions. The Company incorrectly believed the conversion option in its 2026 Convertible Notes qualified for a derivative scope exception Accounting Standards Codification ('ASC') 815-40 and failed to comply with ASC 815-15 on the bifurcation of the conversion option. As a result, the Company misstated multiple items in its previously issued financial statements. The Company would be forced to restate its incorrect financial statements If you are a shareholder who suffered a loss, contact us to participate. WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. CONTACT: David J. Schwartz DJS Law Group 274 White Plains Road, Suite 1 Eastchester, NY 10709 Phone: 914-206-9742 Email: David@


Malaysian Reserve
2 days ago
- Malaysian Reserve
CNOOC Limited Brings On-stream Weizhou 5-3 Oilfield Development Project
HONG KONG, June 9, 2025 /PRNewswire/ — CNOOC Limited (the 'Company', SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Weizhou 5-3 Oilfield Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 35 meters. The main production facility includes 1 self-installing wellhead platform, which leverages the adjacent existing facilities for development. 10 development wells are planned to be commissioned, including 7 production wells, 2 water injection wells and 1 gas injection well. The project is expected to achieve a plateau production of approximately 10,000 barrels of oil equivalent per day in 2026. The oil property is medium crude. CNOOC Limited holds 51% interest in the project, and Smart Oil Investment Ltd. holds the remaining 49%. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words 'expect', 'anticipate', 'continue', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends' and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel:+852 5540 0725Fax:+852 2111 1103Email:


Malaysian Reserve
3 days ago
- Malaysian Reserve
On World Oceans Day 2025, POWERCHINA Highlights Commitment to Ocean Sustainability
BEIJING, June 8, 2025 /PRNewswire/ — Power Construction Corporation of China ('POWERCHINA' or 'the Company')reaffirms its long-term commitment to protecting marine ecosystems and promoting sustainable water resource development in recognition of World Oceans Day on June 8, themed, 'Wonder: Sustaining What Sustains Us.' A global leader in desalination and ecological construction, the Company integrates ocean stewardship into its projects and responsible corporate practices to support a healthier, more resilient planet. The ocean is a vital support for life on Earth. However, it is now facing increasingly severe threats. Meanwhile, the access to clean water is also becoming a common challenge faced by the world, and the importance of seawater desalination technology to human health and economic growth is becoming more and more prominent. POWERCHINA has developed some of the world's largest and most advanced desalination projects, including the 900,000-ton Taweelah Desalination Plant in Abu Dhabi, which is the largest reverse osmosis seawater desalination facility globally to date. The plant supplies drinking water to nearly 2 million people, using cutting-edge technology to boost efficiency while minimising ecological disruption. As the world's largest seawater desalination engineering, procurement, and construction (EPC) contractor, POWERCHINA has built a strong technological foundation and a comprehensive system in desalination. The Company has completed several major projects across the UAE, Saudi Arabia, and Dubai, converting seawater into clean drinking water and helping to meet surging demand in arid regions. POWERCHINA has provided clean water to millions in the Middle East and North Africa, easing regional water shortages and supporting sustainable development. POWERCHINA integrates marine conservation into all project phases, from early-stage environmental impact assessments to biodiversity protection measures. Along coastal areas, the Company schedules construction to avoid sensitive periods like sea turtle nesting seasons and carries out marine plant relocation when needed. These actions are complemented by public education initiatives and stakeholder engagement campaigns that foster awareness and local support for marine sustainability. At a marine ecosystem public welfare activity organized by POWERCHINA, Major Ali, the president of EMEG said: 'Watching marine conservation films and listening to expert lectures have made me realize the crucial role that mangroves play in protecting the marine ecological environment, promoting carbon sequestration, and mitigating climate change. I have also come to understand the importance of protecting marine species such as sea turtles, as well as the specific methods for protecting marine ecosystems. Every action we take can make a difference, and participating in this activity is a way for me to express my commitment to protecting the ocean.' POWERCHINA sees marine protection as central to its global sustainable development strategy, answering calls to restore ocean health and biodiversity. The Company invests in green infrastructure and marine resilience to help balance human activity with vital ecosystems. As a global leader in clean, low-carbon energy construction, POWERCHINA is committed to sustainable, green development. It actively assumes environmental responsibilities and contributes to building a healthier, more beautiful environment in the communities where it operates. Photo – View original content: