16 October 2014
10/16/2014
Funds will complete payments to Revenue Mine vendors & for working capital
LONDON, ON, Oct. 16, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has received the second and final instalment of US$ 10 million from the previously reported US$ 35 million production prepay facility from Lascaux Resource Capital Fund 1 LP ("Lascaux") (see Fortune News Release dated October 1, 2014). A portion of the proceeds from this financing were used to fund the Revenue Silver Mine ("RSM") acquisition, including amounts owing to the previous owner of the mine, and the balance will be used to make investments in the mine to improve operations and provide working capital. The metal prepay facility is to be repaid from a fixed schedule of metal shipments from the RSM to Lascaux, plus interest over a five-year term. The facility includes a six-month grace period as Fortune completes the mine commissioning.