Fortune Minerals Announces Potential Year-end Filing Delay
24 Mars 2023 - 4:15AM
Business Wire
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) announces that the filing of its audited
annual financial statements, management discussion and analysis for
the year ended December 31, 2022, the related certifying officer
certificates, and the Company’s annual information form for the
year ended December 31, 2022 (collectively, the “Annual
Filings”) may not be completed by the prescribed filing
deadline, March 31, 2023 (the “Filing Deadline”).
A delay in completing the Annual Filings would be as a result of
a delay in the commencement of the audit, however the Company has
completed a private placement and has addressed its short-term cash
requirements, and the audit is in progress. Following the
commencement of the audit, the Company determined that the Annual
Filings may not be completed by the Filing Deadline. Fortune
applied to the Ontario Securities Commission (the “OSC”) for
the issuance of a management cease trade order (“MCTO”) in
connection with the Company's possible delay in the Annual Filings.
However, the OSC determined that it would not grant the Company’s
application because the request was made less than two weeks prior
to the Filing Deadline. As a result, the Company anticipates that,
in the event it is unable complete the Annual Filings by the Filing
Deadline, the OSC would impose a failure to file cease trade order
(“CTO”) pursuant to National Policy 11-207. A CTO would
prohibit the trading by any person of any securities of the Company
in Canada, including trades in the Company's common shares made
through the Toronto Stock Exchange. Once issued, the CTO will
remain in place until such time as the Annual Filings are filed by
the Company.
The audit is in progress and Fortune is working with its
auditors to complete the Annual Filings as soon as possible. The
Company’s board of directors and its management are working
expeditiously to meet its continuous disclosure obligations in
relation to the Annual Filings. The Company expects to have a
better understanding as to the timing for completion of the Annual
Filings within the next week, including whether the Annual Filings
will be completed by the Filing Deadline, and intends to issue
another press release as soon as this information is available.
The Company has the necessary resources to remedy any default
should it occur. Should a default occur, it will comply with the
alternative information guidelines set out in NP 12-203, including
issuing bi-weekly default status reports by way of news releases,
which will be filed on SEDAR.
The Company confirms that there are no insolvency proceedings
against it and there is no other material information concerning
the affairs of the Company that has not been generally
disclosed.
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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Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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