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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

Comment by MelodicHysteriaon Nov 30, 2022 10:12am
119 Views
Post# 35139511

RE:RE:RE:RE:Wednesday = Hump day

RE:RE:RE:RE:Wednesday = Hump day

Doesn't quite work like that - the debt is guarenteed by certain assets. It is up to the loan organizer (debtor I shall call em) to decide what they are going to do with said debt (do they want to call it, extend it, let it fall through). They definitely have a right to call it but assets dont change hands like that, think of like a vehicle repo. There is normally a period of delinquency before they send a tow truck to come take your vehicle. Even when sending the tow truck, they dont send it if you enter bankruptcy proceedings (at least right away)

Bankruptcy proceedings are designed to help protect the assets and ensure the most value to the stakeholders with the business appearing on the otherside which often leads, even a debt guarenteed by an asset, almost always empty bag handling so its not normally ideal to have a company go this route.

Granted, it does happen all the time, and its normally the business that starts bankruptcy proceedings when no debtor will give leeway on the assets which means they all lose in the end and it becomes a recovery of "what is left"

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