07:33 AM EDT, 10/21/2025 (MT Newswires) -- Fortune Bay ( FTBYF ) late Monday said it has launched a "bought deal" private placement to raise total gross proceeds of $8 million.

The private placement consists of 1.4 million common shares that will qualify as "flow-through shares" at $1.39 per share for gross proceeds of $2 million; and 6 million common shares, or HD shares, at $1 per share for gross proceeds of $6 million.

The company entered into an agreement with Cormark Securities as lead underwriter and sole book runner on behalf of a syndicate of underwriters.

Fortune Bay ( FTBYF ) has granted the underwriters an option to increase the size of the offering by up to an additional $2 million in HD shares.

The company will use the proceeds from the sale of the flow-through shares to incur Canadian exploration expenses that qualify as flow-through mining expenditures related to Fortune Bay's ( FTBYF ) Goldfields gold project in Saskatchewan.

Net proceeds from the HD shares will be used to begin permitting activities and studies toward a pre-feasibility study for the Goldfields project, exploration at Poma Rosa, and working capital and general corporate purposes.

The offering is scheduled to close Oct. 30, subject to certain conditions including conditional approval from the TSX Venture Exchange.