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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
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

Fortune Minerals Ltd > SECURED Debenture & Loan Are The WILD CARDS !
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Post by ztransforms173on Nov 28, 2023 10:54am
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Post# 35756224

SECURED Debenture & Loan Are The WILD CARDS !

SECURED Debenture & Loan Are The WILD CARDS !The current debts represent the Amended Debenture in the principal amount of $5,298,651 held by a previous secured creditor of the Company and a $2,750,000 secured loan. The Amended Debenture has an aggregate principal amount of $5,298,651 (being equal to the aggregate principal and accrued interest of the 2015 Debentures on August 12, 2022), matures on December 31, 2023, bears interest at a rate of 10% per annum, compounded monthly in arrears, and is secured by all of the assets of the Company, including the NICO Project. The Loan and Security Agreement (“Loan”) for $2,750,000, bears interest at 9% per annum, compounding annually, and both principal and interest are payable at maturity. The original loan of $1,500,000 was increased by $1,250,000 on November 30, 2022. The proceeds received were used as partial payment on the settlement of the other Amended Debenture. The loan is secured by the mining leases for NICO.

https://s1.q4cdn.com/337451660/files/doc_financials/2022/ar/230519-annual-report-2022.pdf

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z173

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