Mr. Dale Verran reports

FORTUNE BAY ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Fortune Bay Corp. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $700,000. The company issued 3,043,481 units at an issue price of 23 cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the company at an exercise price of 30 cents per share for a period of two years. The proceeds from the private placement will be used to support the company's continuing activities as outlined in the news release dated Aug. 8, 2023.

Finder's fees of $36,000 were paid in cash. In addition, a total of 156,522 non-transferable finder's warrants are issuable, having an exercise price of 30 cents per share. Each finder's warrant entitles the finder to purchase one common share at the applicable exercise price for two years from the date of issue.

Directors and officers of the company subscribed for an aggregate of 956,523 units. The participation of an insider in the offering constitutes a related party transaction, as such terms are defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on an exemption from the formal valuation requirements of MI 61-101 available on the basis of the securities of the company not being listed on specified markets. The company is also relying on the exemption from minority shareholder approval requirements under MI 61-101 as the fair market value of the participation in the offering by the insiders does not exceed 25 per cent of the market capitalization of the company.

All securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period.

About Fortune Bay Corp.

Fortune Bay is an exploration and development company with 100-per-cent ownership in two advanced gold exploration projects in Saskatchewan, Canada (Goldfields project), and Chiapas, Mexico (Ixhuatan project), both with exploration and development potential. The company is also advancing the 100-per-cent-owned Strike and Murmac uranium exploration projects, located near the Goldfields project, which have high-grade potential typical of the Athabasca basin. The company has a goal of building a mid-tier exploration and development company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The company's corporate strategy is driven by a board and management team with a track record of discovery, project development and value creation.

We seek Safe Harbor.