Fortune Minerals (FT-T) has privately placed 643,500 units at 70 apiece to The Contrarian Resource Fund and three other individuals for gross proceeds of $450,450.
Each unit comprises one share accompanied by half a share purchase warrant; one warrant is good for one share at 80 per share for one year. Of the 643,500 shares issued 528,500 were flow-through shares.
The company plans to apply the proceeds to development of the Nico gold-cobalt-bismuth deposit in the Northwest Territories and Mount Klappan anthracite coal deposits in British Columbia. Feasibility studies on each of the projects are planned for completion in 2004.
Resources at Nico stand at 70 million tonnes grading 0.575 gram gold per tonne, with 0.08% cobalt and 0.09% bismuth, based on a minimum cutoff grade. Mt. Klappan has a measured and indicated resource of 237 million tonnes of anthracite coal in two deposits.
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