Fort Chimo Minerals Inc.
CNSX : FCM

May 27, 2011 17:15 ET

Fort Chimo Announces Proposed Private Placement

TORONTO, ONTARIO--(Marketwire - May 27, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Fort Chimo Minerals Inc. (the "Company") (CNSX:FCM) wishes to announce that it intends to complete a non-brokered private placement of up to 8,000,000 Units at a price of $0.05 per Unit for gross proceeds of $400,000. Each unit will be comprised of one common share and one warrant. Each warrant will entitle the holder to acquire one common share at a price of $0.10 for a period of 18 months from the date of issuance. The financing is subject to regulatory approval.

Certain of the subscribers will be non-arm's length and the shareholdings of these individuals will increase as a result of their participation. Proceeds from the financing will be used to satisfy the current payables of the Company and for general working capital. The private placement may close before 21 days following the filing of the material change report regarding this announcement, if management determines it is necessary or desirable in order to satisfy the current payables.

Shares Outstanding: 81,910,178

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Fort Chimo Minerals Inc.
    James M. Brady
    President
    (416) 361-2832
    (416) 423-9325 (FAX)