Fortress Minerals Corp.

Fortress Minerals Corp.

December 14, 2010 09:05 ET

Fortress Minerals Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2010) - Fortress Minerals Corp. ("Fortress" or "the Company") (TSX VENTURE:FST) reports that, subject to TSX Venture Exchange ("TSX-V") acceptance, the Company will settle existing loans from a non-arms length creditor totaling in aggregate Cdn $2 million (plus accrued interest in the amount of Cdn $54,593.61) by the issue of common shares of the Company. Based on a price of Cdn $2.73 per share, being the TSX-V closing price of the Company's common shares on December 13, 2010, less allowable discounts pursuant to TSX-V policy, the Company proposes to issue approximately 752,598 common shares in satisfaction of the loans. The common shares issued to the creditor shall be subject to a four month hold period from the date of issue.

On behalf of the Board of Directors,

Lukas Lundin, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fortress Minerals Corp.
    Sophia Shane
    Corporate Development
    Fortress Minerals Corp.
    Ryan Torvik
    Chief Financial Officer