Fortune Valley Resources Inc FVX 7/20/2009 5:03:04 PMVANCOUVER, BRITISH COLUMBIA, Jul 20, 2009 -- Fortune Valley Resources Inc. ("Fortune Valley" or the "Company") (TSX VENTURE:FVX) announces that it intends to raise $600,000 through an offering of units (the "Units") in the Company at $0.05 per Unit. Each Unit will consist of one common share of the Company and one-half of a transferable common share purchase warrant (a "Warrant") of the Company. Each whole Warrant will entitle the holder to purchase one additional common share of the Company at $0.10 for a period of two years subject to acceleration in the event that the shares trade at $0.20 per share for 20 consecutive trading days.
A spokesperson for Fortune Valley stated that, "During the market turndown, the new look management team has remained committed to its shareholders. This important milestone will provide the financial resources for the Company to advance its gold strategy in 2009."
The Units will be offered by way of short form prospectus in British Columbia and Alberta.
Subject to satisfactory completion of due diligence, Blackmont Capital Inc. has agreed to act as agent for this offering on a commercially reasonable efforts basis. The Company will agree to pay a 10% cash commission and grant a compensation option to the agent to purchase that number of Units equal to 10% of the total number of Units sold under the offering.
Net proceeds from the offering will be used to pay the costs of the offering, to conduct exploration and development activities, to pursue the acquisition of new properties, to pay general and administrative expenses and to manage current liabilities and working capital.
The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
Fortune Valley Resources Inc. is a mining company focused on creating shareholder wealth through the development of high quality gold assets in Chile and Argentina.
Forward Looking Statements:
Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements.
The Board of Directors
Fortune Valley Resources Inc.
To receive company news releases via e-mail, please advise catarina@chfir.com and specify "Fortune Valley Resources press releases" in the subject line.
SOURCE: Fortune Valley Resources Inc.
CHF Investor Relations
Robin Cook
Senior Account Manager
(416) 868-1079, Ext. 228
(416) 868-6198 (FAX)
robin@chfir.com
www.fortunevalleyresources.com
For more information on Mining in Argentina, visit our website: http://www.argentinamining.com
20 jul 2009
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