Fortune Minerals Announces Completion of 2015 Debentures Extension

About this update from Fortune Minerals Limited

[{"type":"text","content":"LONDON, Ontario / Aug 18, 2022 / 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. Follow Fortune Minerals: Click here to subscribe to Fortune’s email list. Click here to follow Fortune on LinkedIn. @FortuneMineral on Twitter. 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 ...

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