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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 ztransforms173on May 27, 2024 7:10pm
310 Views
Post# 36059529

MyTake: FT Will TAP OUT LIND CD In NEXT THREE WEEKS

MyTake: FT Will TAP OUT LIND CD In NEXT THREE WEEKS
First Convertible Security:

$ 1,600.000.00

- of which $ 1,250,000.00 was the FUNDED AMOUNT

- WITHIN 3 WEEKS, FT will GIVE NOTICE to LIND that they will REQUIRE an ADDITIONAL FUNDING of $ 8,750,000.00 

- this will CREATE a Second Convertible Security of
$ 11,200,000.00

- they will be DUE or BE CONVERTED in TWO YEARS TIME

- FT will REQUIRE this EXTRA FUNDING to:

a- TO COMPLETE the JFSL property site acquisition:

* $ 4,062,500 + TRANSACTION and LEGAL FEES

b- pay the 25% NON-REFUNDED PERMITTED EXPENSES under the Natural Resource Canada CONTRIBUTION AGREEMENT

* MAXIMUM $ 2,500,000.00

c- HAVE ENOUGH CASH ON HAND to PAY the SGS and FEED INVOICES as they BECOME DUE but BEFORE they are CASH- REFUNDED by Natural Resources Canada

z173

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