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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometers (km) north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. It also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia. It also has a 100% interest in these 116 hectares of property south of Great Slave Lake with copper, silver, gold, lead and zinc showings. It has a 1% net smelter royalty covering 78 hectares of land positioned in a former silver mining district, located south of the Eldorado mining district at Great Bear Lake.


TSX:FT - Post by User

Bullboard Posts
Post by Unfortunateon Jun 19, 2018 3:09pm
206 Views
Post# 28193635

Ownership structure and potential for change

Ownership structure and potential for change
From the March 22nd, 2018 Annual Information Form:

As at the date hereof, the directors and officers of the Company as a group owned beneficially, directly or indirectly, or exercised control or discretion over an aggregate of 45,510,909 Common Shares, which is equal to approximately 13.45% of the issued and outstanding shares of the Company.

At the date hereof, Procon is a direct beneficial owner and exercises control or direction over approximately 10.92% of Fortune’s Common Shares.

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So the directors in total hold about 2.53% of the company. In fact the C.O.O only holds 100,00 shares. Half of what he held last year! Robin Goad, founder and CEO, holds roughly 1%. Despite an annual salary in excess of $300,000 and generous option packages, his faith or lack thereof, in this multi-billion dollar enterprise is pretty clear. Not exactly the vote of confidence we would expect from a person in his position.

This tells us a couple of things:

A - Management isn't putting their money where their mouth is. In the past year none of them have added any meaningful amount of shares to their holdings. Ramsay has pretty much halved his position. They are really good about giving themselves warrants and options. They seem to have a problem commiting real cash though.

B - There is high potential for a party to accumulate a significant position, sadly for not much money, and bring meaningful change to the company.

I have recently begun to look up small cap activist investment funds and have sent them a brief overview of the company and it's poor history of management. Hopefully they will see the value we do in the NICO project and bring about the change we so desperately need. If all of us start to take a pro-active approach in trying to find companies and funds with the capital to act, we will find an ally who can get the true valuation this company deserves. We can't trust the current runners of the company to get things done, let's find someone who can.
Bullboard Posts