Procon to purchase 19.4% stake in Fortune

Jul 03, 2013 | 05:03 PM | Everdeen Mason

Tags  Fortune Minerals, Procon, copper, cobalt, Robin Goad, Everdeen Mason

NEW YORK — Procon Resources Inc. will invest Canadian $11.7 million ($11.1 million) in the capital stock of Fortune Minerals Ltd. for its Nico gold-cobalt-bismuth-copper project.

Procon will hold a 19.4-percent stake in the company and will be part of a financing plan for Nico that could include an offtake agreement and other benefits, Fortune said June 27. Procon is buying 29.25 million shares at 40 cents per common share. The purchase will occur in two payments of $5.85 million, closing July 25 and Oct. 1, respectively.....

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