MINING MARKETS & INVESTMENT NEWS — NEWS ROUNDUP — Fortune sells Ontex shares

In order to focus on core projects, Fortune Minerals (ft-t) plans to sell 5.7 million shares of Ontex Resources (ONT-A) at 60 cents per share for proceeds of $3.4 million.

The company has already secured regulatory approval for the sale by way of private placement to IPO Capital. Fortune expects to raise $1.4 million from the sale, which would boost its working capital to more than $5 million. It will retain 5.7 million warrants to buy shares of Ontex, exercisable at 65 cents per share. Ontex’s key asset is an interest in the Brookbank gold project in Ontario.

Fortune is exploring the NICO and Sue-Dianne polymetallic deposits in the Northwest Territories. At last report, Nico hosted a measured and indicated resource of 14.7 million tonnes grading 0.17% cobalt-equivalent (or 0.114% cobalt, 0.74 gram gold, 0.134% bismuth and 0.04% copper) using a cutoff of 0.12% cobalt-equivalent.