Fortune Minerals Ltd T.FT

Option to buy refinery expires.

[Jim1712]

Alberta Refinery Site Option for NICO Project Has Expired

LONDON, Ontario -- (Business Wire) -- 

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) announces that the option to purchase the JFSL Field Services ULC (“JFSL”) brownfield industrial site in Lamont County, Alberta could not be completed before the expiry of the option on June 30, 2024. Both, Fortune and JFSL remain willing and able to complete a different transaction that would enable the Company to complete the purchase under a new arrangement as soon as possible. Fortune will provide an update on this plan when its discussions with JFSL have been concluded.

 

[red]

I could imagine that the flow of money from grants is a factor ? We have been awarded  millions but collection of same Is another storey. It would be reasonable that we be provided a bit more info lol  yep ... we wait 

[Jim1712]

Maybe the vendor takes back the mortgage on the property and closes the deal so they can both get on with the planned BFS.    If we can't do that , it's time for a strategic study to see if a company our size has any chance of completing anything more given our limited finances.   The result could be a "for sale " sign.   Jim 

[Allman]

Any guesses as to why this news release happened on a National holiday vs the next business day?

[Lotten]

Important incidents that impact a company must be released as soon as possible. Just a coincidence that the expiration of the option fell on a weekend.

[Allman]

Three potential issues come to mind with this expiration: 1. JSFL has a competing offer 2. an issue with Lind Partners financing 3. a 3rd party interested in FT is not interested in site or has issues with site terms Something unforeseen must have materialized; There doesn't seem to have been a competing offer as of May and terms with JSFL where previously sorted out, as for the most part

[red]

The list of possibilities could go on for days I am going with the possibility that someone does not like the Lind deal and may have the ways and means to help FT avoid Lind arrangement with something bigger and better .....but with what kinda strings?  who knows what happened on the golf course wherein RG authorized the news release on the week end ?  We just went thru the AGM, he

[Jim1712]

My theory is that Fortune couldn't get any financing in time to close the deal .   Jim. 

[Nemesis]

I agree Allman, these are 3 possible options, but the second seems unlikely to me ... this kind of financing agreement with Lind Partners is usually well put together. The first option also seems unlikely to me, since this June 28 date for settling the balance of the purchase price was already known and announced ... and if that was indeed the reason (a competing offer), it would have been

[Baserunner]

Well said nemesis! We have a lot of well entente people on this board! Please People let's not get our shorts in a knot here! The story is the same as it has been the last 6 mos ! Now we have a few things to straighten out ! and forward we go! 

[hounddog69]

Excellent post. You're right, it's possible that the potential partner doesn't want the JFSL. Or wants to see the completed feasibility study before committing to the JFSL. 

[Lotten]

I think your conclusion sounds plausible. Some of the stakeholders were perhaps not convinced that the agreement with JFSL could not be improved. As you pointed out in another post: "the conditions that were attached to the amended agreement gave far too many advantages to JFSL and were far too restrictive for Fortune Minerals and its partners." Or they might had some objections about

[red]

The so called conditions that may not have been so good at the end of June were certainly good enough to tell us about months prior when we entered the agreement and made a deal to close at end of June. Was that deal so loose ? ...What changed and why ? ....there is much more to this story. Sure FT received, or is going to receive milliions in gov support ....which is probably spent the minute it

[Allman]

I suppose what changed is that US DOD and Canada funding was announced, indicating to JFSL / Worley the legitimacy of the NICO project moving forward. Perhaps they are pitching their Engineering Consulting Services and the Refinery Site is now part of a bigger commercial deal. If so, how would Procon fit into this picture? Of course this is all speculation, but "negotiation of a new

[ztransforms173]

- the GOVERNMENT MONEY IS NOT being DEPOSITED in FT's BANK ACCOUNT - first, FT has to SPEND the money on "PERMITTED EXPENSES" - second, they has to RECEIVE an OFFICIAL INVOICE for these expenses - third, FT has to FULLY CLEAR and PAY the OFFICIAL INVOICE   - fourth, FT make a SUBMISSION to RECOVER these EXPENSES according to the SPECIFIC AGREEMENTS with the Canadian and