24 November 2014
11/24/2014
Issued Capital: 212,322,180
LONDON, ON, Nov. 24, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has issued the previously approved 17,744,000 common shares of the Company ("Common Shares") to the former owners of the Revenue Silver Mine ("RSM") in southwest Colorado (see Fortune news release dated November 12, 2014). Such shares were issued at a deemed price of C$0.25 per share and the issuance of such shares is the final instalment of the consideration for the purchase of a 100% interest in the RSM completed on October 1, 2014. 9,167,320 of the shares, representing 4.35% of the outstanding Common Shares after giving effect to such issuance, were issued to James W. Williams, Jr. of Golden, Colorado. Mr. Williams previously received 18,627,713 Common Shares in connection with the purchase and sale of the RSM and now has beneficial ownership and control over 27,795,033 Common Shares, representing approximately 13.1% of the issued and outstanding shares.