Procon Resources Inc.

July 08, 2014 14:23 ET

Procon Resources Inc. Acquires Shares of Fortune Minerals Limited

BURNABY, BRITISH COLUMBIA--(Marketwired - July 8, 2014) - Procon Resources Inc. ("Procon") announced today that, further to its press release dated May 9, 2014, earlier today it acquired 2,086,127 common shares of Fortune Minerals Limited ("Fortune") at a price of $0.40 per share for a total consideration of $834,450.80 (the "Second Placement").

At the closing of the Second Placement, Procon has beneficial ownership of and control over 36,967,871 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. Depending on 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

  • For further information or a copy of the early warning
    report please contact: Procon Resources Inc.
    Jimmy Mah, Chief Financial Officer
    (604) 291-8292
    Suite 108 - 4664 Lougheed Highway
    Burnaby, B.C. V5C 5T5