Fortune Bay Corp. has entered into an option agreement with 1443904 B.C. Ltd., allowing the Optionee to acquire up to a 70% interest in the Murmac and Strike Uranium Projects by investing a total of C$9.5 million over three and a half years.
Target Company Overview
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF), headquartered in Halifax, Nova Scotia, is a resource exploration and development company. The Company is known for its strategic focus on uranium projects and its commitment to sustainable practices within the mining sector. Recently, Fortune Bay entered into a definitive option agreement with 1443904 B.C. Ltd. granting the Optionee the right to acquire up to a 70% interest in its wholly-owned Murmac and Strike Uranium Projects.
The agreement, dated December 15, 2023, allows the Optionee to acquire the interest over a period of three and a half years. This will be achieved through funding a total of C$6 million in exploration expenditures, making cash payments of C$1.35 million, and issuing C$2.15 million in common shares following a successful public transaction.
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Industry Overview in Canada
The uranium mining industry in Canada is one of the most developed globally, particularly in Saskatchewan, which is home to some of the largest and highest-grade uranium deposits. Historically, Canada has been a leading
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1443904 B.C. Ltd.
invested in
Murmac and Strike Uranium Projects
in 2023
in a Joint Venture deal
Disclosed details
Transaction Size: $10M