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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 Dec 01, 2022 9:04am
142 Views
Post# 35142457

Breathing Room

Breathing RoomCount me surprised that the lender was willing to take shares in exchange for what they were owed.  Also that they took shares at a premium to the share price and not granted warrents or other sweetners in the deal.  That is great news for Fortune, but surprising, none the less.

Possibly this foreshadows that a sale is imminent, possibly at some 60-100% premium to what the lenders received their shares at.  It is hard to imagine them giving up their secured loan for common shares that are worthless in a bankruptcy, without some assurance that a deal is imminent.

Might be a good time to get in, since the lenders obviously know a lot more then we do....
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