New United States Inflation Reduction Act
includes measures to positively impact North American critical
minerals supply chains
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that it has
reached an agreement in principle with the holders of its
debentures issued in 2015 (the “2015 Debentures”) to extend
their maturity from August 12, 2022 to November 30, 2022. The
extension of the maturity date of the 2015 Debentures remains
subject to finalizing and executing definitive documentation
between the Company and the holders of the 2015 Debentures (the
“Extension Documents”).
The amended and restated debentures (the “Amended
Debentures”) will have an aggregate principal amount of
$12,363,518, being the total principal amount and all accrued
interest on the 2015 Debentures as at August 12, 2022, and will
bear interest at a rate of 10% per annum for the extension period
between August 12, 2022 and November 30, 2022. The Amended
Debentures will be secured by all of the assets of the Company
(including the NICO cobalt-gold-bismuth-copper project (“NICO
Project”). Other than the foregoing, the material terms and
conditions of the Amended Debentures are expected to remain
substantially consistent with the terms of the 2015 Debentures. As
additional consideration for the extension of the maturity date,
the Company has agreed to pay to the holders of the Amended
Debentures an extension fee, which shall be satisfied by the
issuance of 3,500,000 common shares of the Company at a deemed
price of $0.10 per share upon execution of the Extension Documents.
The issuance of the shares remains subject to final approval of the
Toronto Stock Exchange and will be subject to a four-month hold
period from the date of issuance.
Fortune is also pleased to report that the new Inflation
Reduction Act, which the U.S. Senate recently passed, is expected
to positively impact the North American critical minerals industry,
particularly for the metals used in lithium-ion batteries powering
electric vehicles. The Act revamps the electric vehicle Federal tax
credit of US$7,500, extending the tax credit through 2032, removing
the unit-sales cap of 200,000 per OEM, and introducing a mandate
for qualified cars being assembled in North America to include
escalating levels of critical minerals sourced from the U.S. or
countries with a free-trade agreement with the U.S. Specifically,
the bill requires that the “percentage of the value” of the
applicable battery critical minerals be extracted or processed in
the U.S. or a U.S. free-trade partner or recycled in North America,
be:
- 40% for a vehicle placed in service before 1 January 2024;
- 50% for a vehicle placed in the service during calendar year
2024;
- 60% for a vehicle placed in service during calendar year
2025;
- 70% for a vehicle placed in service during calendar year 2026;
and
- 80% for a vehicle placed in service after 31 December
2026.
The bill places similar restrictions on the percentage of value
of the components but leading up to a 100% requirement for vehicles
placed in service after 31 December 2028.
As previously announced, Fortune has engaged Haywood Securities
Inc. (“Haywood”) to act as its financial advisor to support
its near-term financing objectives (see news release, dated May 16,
2022). Haywood is assisting Fortune with seeking the funds needed
to repay the Amended Debentures and complete the purchase of the
planned NICO Project refinery site in Lamont County, Alberta.
Haywood is also assisting Fortune in its efforts to finance the
other activities required to advance development of the NICO
Project towards a construction decision, including detailed
engineering for an updated feasibility study to support project
finance, completion of the remaining permits, and to secure
additional capital for general corporate purposes.
The 100%-owned NICO Project is a Canadian, vertically
integrated, critical minerals development project and one of the
few cobalt assets in the world that can be developed in a timeframe
needed to meet today’s cathode chemistries for rechargeable
batteries used in the transition to electric vehicles. The NICO
Project Mineral Reserves also contain more than one million ounces
of gold, 12% of global bismuth reserves, and copper as a minor
by-product.
Fortune has filed its consolidated financial statements and
management’s discussion and analysis of financial condition and
results of operations for the period ended June 30, 2022 on SEDAR
(www.sedar.com) and will be available soon through the Company’s
website (www.fortuneminerals.com).
For more detailed information about the NICO Mineral Reserves
and certain technical information in this news release, please
refer to the Technical Report on the NICO Project, entitled
"Technical Report on the Feasibility Study for the
NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories,
Canada", dated April 2, 2014 and prepared by Micon International
Limited which has been filed on SEDAR and is available under the
Company's profile at www.sedar.com.
The disclosure of scientific and technical information contained
in this news release has been approved by Robin Goad, M.Sc.,
P.Geo., President and Chief Executive Officer of Fortune, who is a
"Qualified Person" under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO cobalt-gold-bismuth-copper Critical Minerals project in the
Northwest Territories and Alberta. Fortune also owns the satellite
Sue-Dianne copper-silver-gold deposit located 25 km north of the
NICO Deposit and is a potential future source of incremental mill
feed to extend the life of the NICO mill and concentrator.
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This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, the issuance of the
Amended Debentures, impacts of the Inflation Reduction Act, and the
Company’s plans to develop the NICO Project, including the
successful the development and construction of the planned NICO
cobalt-gold-bismuth-copper mine and concentrator. Forward-looking
information is based on the opinions and estimates of management as
well as certain assumptions at the date the information is given
(including, in respect of the forward-looking information contained
in this press release, assumptions regarding: the Company’s ability
to secure the necessary financing to repay the Amended Debentures
the Company’s ability to complete construction of a NICO Project
refinery; the Company’s ability to arrange the necessary financing
to continue operations and develop the NICO Project; the receipt of
all necessary regulatory approvals for the Extension Shares and the
construction and operation of the NICO Project, including the
planned NICO cobalt-gold-bismuth-copper mine and concentrator and
the timing thereof; growth in the demand for cobalt; the time
required to construct the NICO Project; and the economic
environment in which the Company will operate in the future,
including the price of gold, cobalt and other by-product metals,
anticipated costs and the volumes of metals to be produced at the
NICO Project). However, such forward-looking information is subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking information. These factors
include the risks that the COVID-19 pandemic or global geopolitical
situations may interfere with the Company’s ability to continue
development of the NICO Project, ; the Company may not be able to
secure financing to repay the Amended Debentures; the Company may
not be able to finance and develop NICO on favourable terms or at
all, uncertainties with respect to the receipt or timing of
required permits, approvals and agreements for the development of
the NICO Project, including the related hydrometallurgical
refinery, the construction of the NICO Project may take longer than
anticipated, the Company may not be able to secure offtake
agreements for the metals to be produced at the NICO Project, the
Sue-Dianne Property may not be developed to the point where it can
provide mill feed to the NICO Project, the inherent risks involved
in the exploration and development of mineral properties and in the
mining industry in general, the market for products that use cobalt
or bismuth may not grow to the extent anticipated, the future
supply of cobalt and bismuth may not be as limited as anticipated,
the risk of decreases in the market prices of cobalt, bismuth and
other metals to be produced by the NICO Project, discrepancies
between actual and estimated Mineral Resources or between actual
and estimated metallurgical recoveries, uncertainties associated
with estimating Mineral Resources and Reserves and the risk that
even if such Mineral Resources prove accurate the risk that such
Mineral Resources may not be converted into Mineral Reserves once
economic conditions are applied, the Company’s production of
cobalt, bismuth and other metals may be less than anticipated and
other operational and development risks, market risks and
regulatory risks. Readers are cautioned to not place undue reliance
on forward-looking information because it is possible that
predictions, forecasts, projections and other forms of
forward-looking information will not be achieved by the Company.
The forward-looking information contained herein is made as of the
date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220816005362/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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