Fortune Bay Corp. announced a non-brokered private placement of up to 3,043,478 units at an issue price of CAD 0.23 per unit for the gross proceeds of CAD 700,000 on October 13, 2023. Each warrant will be exercisable into one common share of the company at an exercise price of CAD 0.30 per share for a period of two years.

Completion of the financing is subject to the satisfaction of certain conditions, including approval by the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four-month and one day hold period. As a part of the transaction, the company paid a cash fee equal to 7.5% of the gross proceeds to the agents and to issue share purchase warrants that is equal to 7.5% of the units.