ECUADOR – Fortress Minerals Corp. of Vancouver has raised $230 million through private placements with which to finance the purchase and development of the Fruta del Norte gold project. The placements have an overallotment of another $20 million.
Last month Fortress agreed to buy the stalled project from Kinross Gold for $250 million in cash and equity. Fortress restart work at the project with exploration drilling and engineering studies.
The company has made application to list its common shares on the TSX and Nasdaq Stockholm upon completion of the acquisition. See FortressMinerals.com for details.