Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that it has raised net proceeds of $2,925,000 pursuant to a loan agreement with a private investor. The loan is unsecured, has a term of three years and bears interest at an annual rate of 9%. In connection with the loan, Fortune issued to the lender warrants to purchase up to 1,875,000 common shares of Fortune at an exercise price of $0.80 per share until September 2, 2010. The net proceeds of the financing will be added to Fortune's working capital and applied to the further development of its Mount Klappan coal project in British Columbia and its NICO gold-cobalt-bismuth-copper project in the Northwest Territories.
About Fortune Minerals
Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
For further information please contact:
Fortune Minerals Limited
Robin Goad, President - or -
Lindsay Simmons, IR Coordinator
Tel.: (519) 858-8188
Fax: (519) 858-8155
info@fortuneminerals.comwww.fortuneminerals.comRenmark Financial Communications
Dan Symons, Account Manager - or -
Barbara Komorowski, Junior Account Manager
Tel. (514) 939-3989
Fax. (514) 939-3717
dsymons@renmarkfinancial.com or
bkomorowski@renmarkfinancial.comwww.renmarkfinancial.com