BURNABY, BRITISH COLUMBIA — (Marketwired) — 07/25/13 — Procon Resources Inc. („Procon“) announced today that it acquired 14,625,000 common shares of Fortune Minerals Limited („Fortune“) at a price of $0.40 per share for a total consideration of $5,850,000 (the „First Placement“), and has agreed to acquire an additional 14,625,000 common shares of Fortune at a price of $0.40 per share for a total consideration of $5,850,000 (the „Second Placement“) on August 20, 2013 (or such other date, not later than October 1, 2013, as the parties may reasonably agree upon).
At the closing of the First Placement, Procon has beneficial ownership of and control over 14,625,000 common shares of Fortune (excluding the 14,625,000 common shares to be acquired by Procon pursuant to the Second Placement), representing approximately 10.76% of the common shares of Fortune that are currently issued and outstanding. Upon completion of the Second Placement, Procon will have beneficial ownership of and control over 29,250,000 common shares of Fortune, representing approximately 19.43% of the common shares issued and outstanding (including the 14,625,000 common shares to be issued to Procon pursuant to the Second Placement).
The common shares of Fortune acquired, or to be acquired, by Procon pursuant to the First Placement and the Second Placement have been, or will be, purchased by Procon on a private placement basis pursuant to applicable exemptions from Canadian prospectus requirements. Procon has acquired, or will acquire, these shares for investment purposes and to facilitate the negotiation and implementation of certain agreements among Fortune and Procon, and their respective affiliates, with respect to the development, construction, financing and operation of Fortune-s NICO Gold-Cobalt-Bismuth-Copper project located in the Northwest Territories, Canada. Depending on the outcome of these negotiations, Procon-s assessment of Fortune-s business prospects and financial condition, and general economic and market conditions, Procon may from time to time increase or decrease its beneficial ownership of shares of Fortune.
Additional information is provided in the early warning report filed by Procon on under Fortune-s profile.
For further information or a copy of the early warning report please contact:
Contacts: Procon Resources Inc. Jimmy Mah Chief Financial Officer (604) 291-8292
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