12 February 2015
MSHA acknowledges change of ownership and safety improvements at mine and removes Pattern of Violation designation
LONDON, ON, Feb. 12, 2015 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that it has closed an additional US$ 5 million financing from Lascaux Resource Capital Fund LP ("Lascaux") to provide working capital for the Revenue Silver Mine ("RSM") in southwest Colorado, U.S.A. Lascaux provided US$ 35 million to Fortune in October 2014 to finance the acquisition of the RSM under a metal prepay facility (see Fortune news releases, dated October 1, and 16, 2014). An additional US$ 7 million was provided by Lascaux for working capital in December 2014 that was also structured as a metal prepay facility (see Fortune news release, dated December 22, 2014). This second working capital facility received today was provided substantially under the terms of the financing advanced in December. Fortune owns a 100% interest in the RSM through its wholly-owned subsidiary Fortune Revenue Silver Mines, Inc. ("FRSMI"), and is a guarantor of FRSMI's obligations under both the original metal prepay facility and the additional working capital facilities. The RSM is an underground mine with a mill and concentrator that is in the commissioning stage and ramping up to a 400 ton per day capacity.