Fortune Minerals has closed the second segment of its private placement of common shares at 10 cents a share, providing the mining company with $475-thousand to be used for its NICO cobalt-gold-bismuth-copper project in the Northwest Territories.

This is the company that was trying to build a refinery for the mine in the R.M. of Corman Park. Fortune Minerals received environmental assessment approval from the province in 2014, but last March the R.M. rejected the company’s application to change the zoning from a”Agriculture” to “M2 Rural Industrial”.

The province continues to support the project, and according to Fortune Minerals’ website, the company is considering its options with respect to its 478 acres in Corman Park or looking at other sites in Saskatchewan and elsewhere. The company is also looking at a lower cost option of selling metal concentrates directly from the mine to defer construction of a refinery.