Fortune Minerals Completes $5M Private Placement

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[{"type":"text","content":"\n\n\n\nFortune Minerals Completes $5M Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLONDON, ON, Dec. 15, 2017\n\n\n\nRFP issued by Northwest Territories Government for Tlicho All-Season Road   \n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\nIssued Capital: 331,497,023\n\n\n\nLONDON, ON, Dec. 15, 2017 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) announces that, further to its press release dated November 29, 2017, it has closed the previously announced $5,000,000 non-brokered private placement of units of securities of the Company (\"Units\") pursuant to which 29,411,766 Units were issued.\n\nFortune is also pleased to report that the Government of the Northwest Territories (\"GNWT\") recently issued its Request for Proposals (\"RFP\") for the construction of the Tlicho All-Season Road (\"TASR\") to the community of Whati. Three international consortiums were previously short-listed to finance, construct and operate the road pursuant to a private-public partnership (\"P3\"). The TASR is in the late stages of an environmental assessment (\"EA\") by the Mackenzie Valley Environmental Impact Review Board and is expected to be completed during the first half of 2018. The RFP has been released in alignment with the environmental regulatory schedule to provide the time required for the short-listed proponents to prepare their proposals. Fortune has already received EA approval to construct a spur road from Whati to the NICO mine site as part of its proposed development. Subject to receipt of project financing and other approvals, Fortune plans to construct the NICO mine and concentrator using the existing winter ice road for access. The all-season road is required for mine operations to allow metal concentrates to be transported south to a refinery Fortune plans to construct in Saskatchewan for downstream processing. The NICO development asset will be a primary producer of cobalt...

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