20 August 2014
Significant reduction in the purchase price with an accelerated payment schedule
Issued Capital: 193,578,180
LONDON, ON, Aug. 20, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has entered into an agreement with the owners of the Revenue Silver Mine ("RSM") in southwest Colorado, U.S.A. to amend the terms under which it can acquire the remaining interest in the mine with lower payment terms under an accelerated schedule. Fortune has also executed term sheets with Lascaux Resource Capital Fund I LP ("Lascaux") to provide US$35 million to finance the acquisition under a metal prepay facility that is repaid with a fixed schedule of metal shipments from the RSM plus interest over a 4-year period. The Company, through its wholly-owned subsidiary Fortune Revenue Silver Mines Inc. ("Fortune Revenue"), acquired an initial 12% participating interest in the RSM in May 2014 and has been the Operator of the mine since that time.