Fortune Minerals Announces Completion of 2015 Debentures Extension
18 Août 2022 - 3:24PM
Business Wire
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that, further to
the company's news release dated August 16, 2022, it has executed
definitive documentation with the holders of its debentures issued
in 2015 (the "2015 Debentures") to extend their maturity
date from August 12, 2022 to November 30, 2022.
The amended and restated debentures (the “Amended
Debentures”) 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, bear interest at a rate of
10% per annum for the extension period and are secured by all of
the assets of the Company (including the NICO
cobalt-gold-bismuth-copper project (“NICO Project”)). As
additional consideration for the extension of the maturity date,
the Company has issued to the holders of the Amended Debentures an
aggregate of 3,500,000 common shares of the Company. The shares are
subject to a hold period of four months and one day from the date
of issuance.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO 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 and the Company's plants to develop the NICO
Project. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220818005142/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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