VANCOUVER, BRITISH COLUMBIA, Dec 22, 2011 (MARKETWIRE via COMTEX) — The Board of Directors of Fortunate Sun Mining Company Ltd. (“Fortunate Sun”) are pleased to announce that it has successfully completed its Initial Public Offering (IPO) for gross proceeds of $1,500,000 under a prospectus dated October 18, 2011. Fortunate Sun issued 7.5 million units at a price of $0.20 per unit, with each unit comprised of one common share and one-half of a warrant, with each whole warrant exercisable into a common share for 18 months at $0.30 per common share. Haywood Securities Inc. (“Haywood”) acted as agent for the offering. Haywood received a cash commission of 10% of the gross proceeds of the offering, a corporate finance fee of $20,000 and Fortunate Sun granted agent’s options to Haywood and sub-agents to purchase up to an aggregate of 750,000 agent’s units at a price of $0.20 per agent’s unit exercisable for a period of 24 months.
Fortunate Sun’s common shares have been conditionally approved for listing on the TSX Venture Exchange. Fortunate Sun anticipates that its common shares will commence trading at the opening of market on December 23, 2011 under the trading symbol FSM.
Fortunate Sun Mining Company Ltd. is a junior mining exploration company with early stage precious metals exploration projects in Mexico and British Columbia. Fortunate Sun’s principal property is the Golconda property consisting of two mineral concessions (6410 hectares) located in the State of Sonora, Mexico.
On behalf of the Board of Directors
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fortunate Sun Mining Company Ltd.
President & CEO