FORTUNE MINERALS CLOSES ADDITIONAL PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES Proceeds of issue will be used to fund NICO Project eligible Canadian Exploration Expenses
December 20, 2019 Issued Capital: 359,553,220
NEWS RELEASE
FORTUNE MINERALS CLOSES ADDITIONAL PRIVATE PLACEMENT OF
FLOW-THROUGH COMMON SHARES
Proceeds of issue will be used to fund NICO Project eligible Canadian Exploration Expenses
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) is pleased to announce that it has closed the second tranche
of a private placement of common shares issued on a “flow-through” basis pursuant to the Income
Tax Act (Canada). A total of 4,750,000 new common shares were issued at a price of C$ 0.10 per
share providing the Company with gross proceeds of C$475,000. The funds received from this private
placement will be used to fund eligible Canad ian Exploration Expenses on the Company’s wholly-
owned NICO cobalt-gold-bismuth-copper project (“ NICO Project ”) in the Northwest Territories. This
close is in addition to the private placement announced in November (See Fortune’s news release
dated November 19, 2019) bringing the cumulative gross proceeds raised under the offering to
C$1,225,000.
This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdicti on in which such offer, solicitation or sale would be
unlawful. The securities will not be and have not been registered under the United States Securities
Act of 1933 and may not be offered or sold in the United States absent registration or applicable
exemption from the registration requirements.
The disclosure of scientific and technical informatio n contained in this news release has been approved by
Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under
National Instrument 43-101.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-
Copper Project in the Northwest Territories. The Company has an option to purchase lands in
Saskatchewan where it may build the hydrometallurgic al plant to process NICO metal concentrates.
Fortune also owns the Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO
Project, which is a potential future source of in cremental mill feed to extend the life of the NICO
Project mill.
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FORTUNE MINERALS LIMITED
148 Fullarton Street, Suite 1600, London, Ontario, Canada N6A 5P3
Tel. 519-858-8188 ~ Fax. 519-858-8155
For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel.: (519) 858-8188
www.fortuneminerals.com
This press release contains forward-looking informat ion and forward-looking statements within the meaning of
applicable securities legislation. This forward-looking information includes statements with respect to, among
other things, the Company’s plans to develop the NICO Project, the proposed use of proceeds from the private
placement referred to herein and the potential for the S ue-Dianne property to provide incremental mill feed to
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 pres s release, assumptions regarding:, 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 construction and operation of the NICO Project and the related hydrometallurgical refinery and
the timing thereof; growth in the demand for cobalt; the ti me 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 Company ma y not be able to finance and develop NICO on favourable
terms or at all, uncertainties with respect to the re ceipt 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 abl e to secure offtake agreements for
the metals to be produced at the NICO Project, the use of proceeds from the private placement may be different
from those currently anticipated, the Sue-Dianne property may not be developed to the point where it can
provide mill feed to the NICO Project, the inherent risk s involved in the exploration and development of mineral
properties and in the mining industry in general, the ma rket for rechargeable batteries and the use of stationary
storage cells may not grow to the ex tent anticipated, the future supply of cobalt may not be as limited as
anticipated, the risk of decreases in the market prices of cobalt and othe r 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 resources prove accurate the risk t hat such resources may not be converted into mineral
reserves, once economic conditions are applied, the Com pany’s production of cobalt and other metals may be
less than anticipated and other operational and developm ent 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-looki ng information will not be achieved by the Company. The
forward-looking information contained herein is m ade 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.