Business
Fortune Minerals engages BNP Paribas to arrange NICO Project debt facility
Fortune Minerals engages BNP Paribas to arrange NICO Project debt facility
About this update from Alaska Hydro Corp.
[{"type":"text","content":"\n\n\n\nOct. 21, 2009 (Canada NewsWire Group) -- LONDON, ON, Oct. 21 /CNW/ -- Fortune Minerals Limited (TSX-FT) (\"Fortune Minerals\" or the \"Company\") is pleased to announce that it has retained BNP Paribas to provide advice and financial services in connection with the arrangement of a US$ 200-250 million debt facility to finance the construction, start-up and operation of the Company's NICO Gold-Cobalt-Bismuth-Copper development in the Northwest Territories. Based in Paris, France, BNP Paribas is a world class financial institution and leader in global banking and financial services. The engagement with BNP Paribas contemplates that it would act as sole and exclusive \"bookrunner\" and lead arranger for this debt facility. The relationship with BNP Paribas represents a significant milestone in the evolution of Fortune Minerals and the development of the NICO project as a pending significant producer of gold and high-grade cobalt and bismuth metal co-products, and by-product copper cathode and nickel carbonate.BNP Paribas has been reviewing data from Fortune Minerals' NICO Project for several months while it has been undergoing the first phase of environmental assessment for mine permitting. BNP Paribas has expressed its interest in working with Fortune Minerals based on the Company's strength of management and NICO's multi-metal profile, location and advanced stage of development. BNP Paribas will manage detailed due-diligence of: the Company, NICO front-end engineering, and the financial models, over the next few months while Fortune continues through the second half of the permitting process. The engagement does not constitute a commitment on the part of BNP Paribas to lend or commit to lend moneys, or to provide any other facilities in connection with the NICO Project. The establishment of the contemplated debt facility remains subject to additional due diligence, financial modelling, market conditions and various other factors.About BNP ParibasBNP Paribas is an AA rated financial institution, the largest in France, fifth largest in the banking industry worldwide, and the largest banking group in the Eurozone. BNP Paribas is one of the six strongest banks in the world according to Standard & Poor's. With operations in 85 countries BNP Paribas provides a full range of product and distribution capabilities, including a ded...