Fortune Minerals Ltd

Published : November 06th, 2009

announces filing of preliminary short form prospectus for proposed public offering

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FORTUNE MINERALS ANNOUNCES FILING OF PRELIMINARY SHORT
FORM PROSPECTUS FOR PROPOSED PUBLIC OFFERING

LONDON, ON, November 6, 2009 - Fortune Minerals Limited (TSX-FT) (�Fortune� or the �Company�) is pleased to announce that it has filed a preliminary short form prospectus in connection with an offering of up to 23,077,000 units at an offering price of $0.65 per unit for aggregate gross proceeds of up to $15,000,050 (the �Offering�).  This Offering is undertaken as part of the Company�s overall financing plan in pursuit of its goal to become a specialty metals producer.  Mr. Robin Goad, President and CEO of Fortune stated, �this financing is an important step in maintaining our proposed development timetable as it will allow us to aggressively pursue the permitting process related to our NICO project, undertake additional development activities and take full advantage of the acquisition of the Hemlo Mill assets.�

The units will be offered for purchase and sale, on a reasonable best efforts basis, by a syndicate of agents led by Paradigm Capital Inc. and including CIBC World Markets Inc., Dundee Securities Corporation, Jones, Gable & Company Limited and Loewen, Ondaatje, McCutcheon Limited (collectively, the �Agents�).  Each unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant.  Each whole common share purchase warrant will entitle the holder thereof to acquire one common share of Fortune at an exercise price of $0.80 per common share at any time up to 5:00 p.m. (Toronto time) on the day that is 24 months following the closing date of the Offering.

Fortune has granted to the Agents an option, exercisable, in whole or in part, in the sole discretion of the Agents, to purchase up to an additional 3,461,550 units for the purposes of co vering over-allotments, if any, and for market stabilization in connection with the Offering.

The net proceeds of the Offering will be used by Fortune principally to fund (i) the permitting process associated with the NICO gold-cobalt-bismuth-copper project, (ii) the costs associated with the development of the NICO hydrometallurgical facility to be located in Saskatchewan, (iii) the transportation and refurbishment of the Hemlo Mill assets and down payments on long lead equipment for the NICO project, and (iv) other uses including costs associated with maintaining and joint venturing the Mount Klappan anthracite coal project, maintaining the Company�s interests in its other projects, and for administrative expenses, general corporate purposes and working capital.

The offering is subject to regulatory approval, including approval of the Toronto Stock Exchange, and is expected to close on or about December 3, 2009.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

About Fortune Minerals
Fortune Minerals Ltd.
 is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada.  They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories.  Fortune Minerals owns the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled for relocation to NICO.  Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource proje cts.

Contact

Fortune Minerals Limited 
Robin Goad, President

or
Lindsay Simmons, IR Coordinator
Tel.: (519) 858-8188
Fax: (519) 858-8155

info@fortuneminerals.com
www.fortuneminerals.com

Renmark Financial Communications Inc.
Dan Symons: dsymons@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com

Media - Val�rie Lacasse: vlacasse@renmarkfinancial.com  
Tel.: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com

 

Renmark Financial Communications Inc.

Montreal (Head Office): 2080 boul. Ren�-L�vesque Ouest, Montr�al, Qu�bec, H3H 1R6
Tel.: (514) 939-3989 Fax: (514) 939-3717
Toronto: 121 King Street West, Suite 1140, Toronto, Ontario, M5H 3T9
Tel.: (416) 644-2020 Fax: (416) 644-2021

Website: www.renmarkfinancial.com - Email: info@renmarkfinancial.com

 

Disclaimer: This correspondence is not to be construed as an offer to buy or sell securities or options. Renmark does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. We support best practices in responsible e-mail marketing and respect your right to be removed from this campaign.

 

Fortune Minerals Ltd

DEVELOPMENT STAGE
CODE : FT.TO
ISIN : CA34967D1015
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Fortune Minerals is a gold and copper development stage company based in Canada.

Fortune Minerals develops gold, copper, bismuth, coal and cobalt in Canada.

Its main assets in development are NICO and MOUNT KLAPPAN in Canada and its main exploration properties are JBG (JAMES BOND GIRL), OLYM-PIC-DAM, SALKELD LAKE, WHEEL OF FORTUNE, GREAT SLAVE, GREAT SLAVE and SUE DIANNE in Canada.

Fortune Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 22.3 millions as of today (US$ 17.8 millions, € 15.6 millions).

Its stock quote reached its highest recent level on March 27, 1998 at CA$ 6.70, and its lowest recent point on February 19, 2016 at CA$ 0.02.

Fortune Minerals has 296 700 000 shares outstanding.

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