Fortune Minerals Ltd. (TSXV:FT) has proposed the completion of a $5 million non-brokered private placement of units of securities for the company.
There will be as much as 29,411,766 units issued at a subscription price of $0.17 per unit. Each unit will be made up of one common share and one-half warrant. Each whole warrant will entitle its holder to purchase one common share of Fortune Minerals for $0.25 for up to two years.
Conditional approval for the private placement has been given from the Toronto Stock Exchange.
The company will use the proceeds collected from this financing for general working capital purposes. Fortune Minerals may pay a cash finder’s fee of up to 5% of the gross proceeds of the private placement.
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