17 July 2015
07/17/2015
Issued Capital: 222,077,580
LONDON, ON, July 17, 2015 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has entered into a restructuring agreement with LRC-FRSM LLC ("Lascaux") and its other secured creditors to settle its secured debt obligations. The restructuring is being completed in two stages on terms commercially similar to that reported in the Company's news release, dated July 3, 2015 and is summarized below.
Mr. Robin Goad, President and CEO of Fortune stated, "We regret that the restructuring with our secured creditors has resulted in the loss of the Revenue Silver Mine in Colorado in which we have invested significant effort and funds over the past year. However, upon completion of the restructuring Fortune Minerals will be able to continue to operate with its Canadian assets intact and with manageable debt obligations that may be repaid through the exercise of warrants into Fortune common shares. The Company is positioned to focus on the development of its wholly-owned NICO gold-cobalt-bismuth-copper deposit in Canada's Northwest Territories and its proposed refinery in Saskatchewan."