Fortune Minerals Announces Completion of 2015 Debentures Extension
August 18, 2022 Issued Capital: 378,449,000
NEWS RELEASE
FORTUNE MINERALS ANNOUNCES COMPLETION OF
2015 DEBENTURES EXTENSION
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) is pleased to announce that, further to the company's news
release dated August 16, 2022, it has executed definitive documentation with the holders of its
debentures issued in 2015 (the "2015 Debentures") to extend their maturity date from August 12, 2022
to November 30, 2022.
The amended and restated debentures (the “Amended Debentures”) have an aggregate principal
amount of $12,363,518, being the total principal amount and all accrued interest on the 2015
Debentures as at August 12, 2022, bear interest at a rate of 10% per annum for the extension period
and are secured by all of the assets of the Company (including the NICO cobalt-gold-bismuth-copper
project (“NICO Project ”)). As additional consideration for the extension of the maturity date, the
Company has issued to the holders of the Amended Debentures an aggregate of 3,500,000 common
shares of the Company. The shares are subject to a hold period of four months and one day from the
date of issuance.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the NICO Project in the Northwest
Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located
25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the
life of the NICO mill and concentrator.
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For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel: (519) 858-8188
www.fortuneminerals.com
FORTUNE MINERALS LIMITED
617 Wellington Street, London, Ontario, Canada N6A 3R6
Tel. 519-858-8188 ~ Fax. 519-858-8155
This press release contains forward-looking information and forward-looking statements within the meaning of
applicable securities legislation. This forward-looking information includes statements with respect to, among
other things, the issuance of the Amended Debentures and the Company's plants to develop the NICO Project.
Forward-looking information is based on the opinions and estimates of management as well as certain
assumptions at the date the information is given (including, in respect of the forward-looking information contained
in this press release, assumptions regarding: the Company’s ability to secure the necessary financing to repay
the Amended Debentures; the Company’s ability to complete construction of a NICO Project refinery; the
Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the
receipt of all necessary regulatory approvals for the extension shares and the construction and operation of the
NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing
thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic
environment in which the Company will operate in the future, including the price of gold, cobalt and other by-
product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such
forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-looking information. These factors
include the risks that the COVID-19 pandemic or global geopolitical situations may interfere with the Company’s
ability to continue development of the NICO Project; the Company may not be able to secure financing to repay
the Amended Debentures; the Company may not be able to finance and develop NICO on favourable terms or at
all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the
development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO
Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the
metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it
can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow
to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of
decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project,
discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical
recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if
such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral
Reserves once economic conditions are applied, the Company’s production of cobalt, bismuth and other metals
may be less than anticipated and other operational and development risks, market risks and regulatory risks.
Readers are cautioned to not place undue reliance on forward-looking information because it is possible that
predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the
Company. The forward-looking information contained herein is made as of the date hereof and the Company
assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.