Fortress Minerals Corp.

Fortress Minerals Corp.

November 14, 2008 15:12 ET

Fortress Private Placement Increased

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2008) - Fortress Minerals Corp. ("Fortress") (TSX VENTURE:FST) reports that it has increased the private placement announced on November 7, 2008. The Company will now sell on a non-brokered, private placement basis an aggregate of up to 16.25 million units of Fortress at a price of Cdn $0.20 per unit for gross proceeds of up to Cdn $3.25 million. Each unit shall comprise one common share and one non-transferable share purchase warrant. Each share purchase warrant is exercisable into one common share over a period of two years at a price of Cdn $0.25 per share for the first year and Cdn $0.30 per share the second year. In addition, each warrant will have a forced exercise provision attached commencing on the expiry of any applicable hold period on the underlying common share, stating that if, for ten consecutive trading days, the TSX Venture Exchange (or such other primary stock exchange as may be applicable) closing price of the listed shares of Fortress exceeds $0.50 then the exercise period of each warrant will be reduced to a period of 30 days following receipt of notice to the warrantholder from Fortress.

A 5% finder's fee may be payable on a portion of the private placement. The units issued pursuant to the private placement will be subject to a four month hold period. Net proceeds of the private placement will be used towards ongoing work at Fortress's Svetloye gold project in Russia as well as for general working capital purposes.

The foregoing private placement is subject to regulatory approval.


Lukas H. Lundin, President and CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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