Business
Fortune Minerals Engages Haywood as Financial Advisor
LONDON, Ontario / May 16, 2022 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is ple
About this update from Fortune Minerals Limited
[{"type":"text","content":"LONDON, Ontario / May 16, 2022 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has engaged Haywood Securities Inc. (“Haywood”) to act as financial advisor to the Company to support its near-term financing objectives. Haywood will assist Fortune with seeking to raise the funds needed to execute on the Company's previously announced option to purchase the former steel fabrication plant site in Alberta’s Industrial Heartland northeast of Edmonton, where it plans to construct the hydrometallurgical refinery for the NICO Cobalt-Gold-Bismuth-Copper Project (“NICO Project”) (see the Company’s press release dated January 24, 2022). Haywood will also assist Fortune in its efforts to finance the other activities required to advance development of the NICO Project towards an eventual construction decision, including detailed engineering for an updated feasibility study to support project finance, and completion of the remaining environmental and permitting work, and for general corporate purposes including working capital and debt retirement. The 100%-owned NICO Project is a Canadian, vertically integrated, Critical Minerals development and one of the few cobalt assets in the world that can be developed in a timeframe needed to meet today’s cathode chemistries for rechargeable batteries used in the transition to electric vehicles. Robin Goad, Fortune’s President and CEO, commented, “We are pleased to be working with Haywood, a leading Canadian metals & mining focused investment bank, to aid in securing near-term financing to support the NICO Cobalt-Gold-Bismuth-Copper Project through to a construction decision. We look forward to collaborating with Haywood and delivering on our corporate objectives.” As partial consideration for the services to be provided by Haywood, the Company agreed to pay Haywood an initial engagement fee of C$50,000 to be satisfied by the issuance of 457,456 common shares of the Company (the “Shares”) to Haywood at a deemed price of C$0.1093 per Share (being the 5-day volume weighted average price of Fortune’s common shares on the Toronto Stock Exchange (“TSX”) as at close of trading on May 12, 2022). The Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws...