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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

Post by MoneyMan123456on Nov 26, 2022 8:20am
216 Views
Post# 35130108

Big Week - Place Your Bets !

Big Week - Place Your Bets !This is probably the biggest week in FT's history.  They appear to be functionally out of money, with a large portion of debt, bearing a high interest rate coming due this week.

1.  Do they announce a full financing deal to begin engineering & construction?

2.  Do they announce a bridge financing deal to provide interim financing to continue operations (lol, who would want to provide funds now that there is a higher positioned, secured lender already!)

2. Do they announce a sale to a deep-pocketed corporation at a 75-100% premium to the current share price (thereby providing shareholders at least some degree of return other than bankruptcy). 

3.  Do they call it a day, declare bankruptcy and leave shareholders with a giant bag of coal for Christmas?  I think the best part would be if senior leadership were also able to negotiate a transition to the new company to continue managing it, lol.

Place your bets!  I believe they will be forced into bankruptcy since the lending environment is just not conducive to loans and construction right now.

What I would like to see is an outright sale, with shareholders at least getting something in return (albeit pennies on the dollar for some shareholders).
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