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Private Placement With Kinross Closed
posted on
May 21, 2009 02:36PM
May 20, 2009
Fortress Private Placement With Kinross Closed
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Fortress Minerals Corp. ("Fortress" or the "Company") (TSX VENTURE:FST) reports that the private placement announced on May 4, 2009 has closed. The Company sold on a non-brokered private placement basis an aggregate of 14 million common shares for gross proceeds of Cdn $3.5 million.
Kinross Gold Corporation ("Kinross") purchased 10 million shares of the private placement for gross proceeds of Cdn $2.5 million and other parties purchased 4 million shares for gross proceeds of Cdn $1 million. Kinross now holds approximately 6% of the outstanding shares in the Company. Kinross will have the right to participate in future financings of Fortress to maintain its equity interest. Shares issued pursuant to the private placement are subject to a four month hold period expiring on September 21, 2009. Net proceeds of the private placement will be used towards ongoing work on the Svetloye Gold Project in Russia as well as for general working capital purposes.
