Fortune Minerals announces loan financing

About this update from Fortune Minerals Limited

[{"type":"text","content":"\n\n\n\nIssued Capital: 55,550,107\n\n\nLONDON, ON, March 2 /CNW Telbec/ - Fortune Minerals Limited (TSX-FT)\n("Fortune" or the "Company") is pleased to announce that it has raised net\nproceeds of $2,925,000 pursuant to a loan agreement with a private investor.\nThe loan is unsecured, has a term of three years and bears interest at an\nannual rate of 9%. In connection with the loan, Fortune issued to the lender\nwarrants to purchase up to 1,875,000 common shares of Fortune at an exercise\nprice of $0.80 per share until September 2, 2010. The net proceeds of the\nfinancing will be added to Fortune's working capital and applied to the\nfurther development of its Mount Klappan coal project in British Columbia and\nits NICO gold-cobalt-bismuth-copper project in the Northwest Territories.\n\n\nAbout Fortune Minerals\n\n\nFortune Minerals is a diversified natural resource company with several\nmineral deposits and a number of exploration projects, all located in Canada.\nThey include the Mount Klappan anthracite coal deposits in British Columbia,\nand the NICO gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver\ndeposit and other base and precious metals exploration projects in the\nNorthwest Territories. Fortune Minerals is focussed on outstanding performance\nand growth of shareholder value through assembly and development of high\nquality mineral resource projects.\n\n\n","length":1463,"tagName":"div"}]

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