Procon Resources Inc.

August 20, 2013 12:10 ET

Procon Resources Inc. Acquires Shares of Fortune Minerals Limited

BURNABY, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2013) - Procon Resources Inc. ("Procon") announced today that, further to its press release dated July 25, 2013, earlier today it acquired 14,625,000 common shares of Fortune Minerals Limited ("Fortune") at a price of $0.40 per share for a total consideration of $5,850,000 (the "Second Placement").

At the closing of the Second Placement, Procon has beneficial ownership of and control over 29,250,000 common shares of Fortune, representing approximately 19.43% of the common shares issued and outstanding.

The common shares of Fortune acquired by Procon pursuant to the Second Placement have been purchased by Procon on a private placement basis pursuant to applicable exemptions from Canadian prospectus requirements. Procon has acquired these shares for investment purposes and to facilitate the negotiation and implementation of certain agreements among Fortune and Procon, and their respective affiliates, with respect to the development, construction, financing and operation of Fortune's NICO Gold-Cobalt-Bismuth-Copper project located in the Northwest Territories, Canada. Depending on the outcome of these negotiations, Procon's assessment of Fortune's business prospects and financial condition, and general economic and market conditions, Procon may from time to time increase or decrease its beneficial ownership of shares of Fortune.

Additional information is provided in the early warning report filed by Procon on under Fortune's profile.

Contact Information

  • Jimmy Mah
    Chief Financial Officer
    Procon Resources Inc.
    Suite 108 - 4664 Lougheed Highway
    Burnaby, B.C. V5C 5T5
    (604) 291-8292