/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
Issued Capital: 302,085,257
LONDON, ON, Nov. 29, 2017 /CNW/ - Fortune Minerals Limited
(TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company")
(www.fortuneminerals.com) is pleased to announce that it is
proposing to complete a $5,000,000
non-brokered private placement of units of securities of the
Company ("Units"). Up to 29,411,766 Units will be issued at a
subscription price of $0.17 per Unit.
Each Unit will consist of one common share of the Company and
one-half warrant with each whole warrant entitling the holder to
purchase one common share of the Company at a price of $0.25 for a period of two years. The Company
further announces today that it received conditional approval for
the private placement from the Toronto Stock Exchange.
Proceeds of this financing will be used for general working
capital purposes. The Company may pay a cash finder's fee of up to
5% of the gross proceeds of the private placement.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities will not be
and have not been registered under the United States Securities Act
of 1933 and may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the
vertically integrated NICO cobalt-gold-bismuth-copper project in
the Northwest Territories and a
related refinery the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne
copper-silver-gold deposit located 25 km north of NICO and a
potential future source of incremental mill feed to potentially
extend the life of the NICO mill.
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This press release contains forward-looking information. This
forward-looking information includes statements with respect to,
among other things, the terms of the private placement of Unit and
the use of proceeds of such private placement. 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 ability to
complete the private placement, the expected amount of proceeds and
the use of such proceeds). However, such forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information.
These factors include general economic conditions in Canada and globally, the need to obtain
required approvals from regulatory authorities; stock market
volatility; and an inability to sell all or a portion of the Units
under the private placement. Readers are cautioned to not place
undue reliance on forward-looking information because it is
possible that predictions, forecasts, projections and other forms
of forward-looking information will not be achieved by the Company.
The forward-looking information contained herein is made as of the
date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as
required by law.
SOURCE Fortune Minerals Limited
