Enhanced Visibility and Potentially Higher Liquidity for U.S. Retail
Investors
Issued Capital: 117,076,976
LONDON, ON, May 17, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT and OTCQX-FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to report that it will commence trading today on the OTC
Markets Group Inc.'s OTCQX International tier under the symbol "FTMDF".
Trading on the OTCQX will complement Fortune's existing Toronto Stock
Exchange listing and provides convenient U.S. dollar-denominated access
to Fortune's common stock. The OTCQX International is reserved for
issuers listed on a qualified stock exchange in their home country and
gives these companies access to U.S. investors without the duplicative
regulatory costs required of listing on a traditional U.S. exchange.
The provision of transparent trading along with easy access to
information is intended to enhance the visibility of the Company and
provide greater liquidity for its common stock in the U.S.
Robin Goad, Fortune's President and CEO, commented that, "the
significant activities on Fortune's key development assets has resulted
in increased demand for a U.S. dollar-denominated trading venue. We
chose the OTCQX as it offered a cost effective means to access U.S.
investors by leveraging our existing disclosure and regulatory
compliance in Canada."
The OTCQX is the premier tier of the U.S. Over-the-Counter (OTC)
marketplace. It is reserved for companies with the highest financial
standards and is one of three distinct tiers of the OTC marketplace.
The tier structure helps separate out viable companies from the large
number of companies that trade over-the-counter on the OTCQB and OTC
Pink that do not have to satisfy the more stringent requirements of the
OTCQX.
"The OTCQX platform offers investor-focused companies a winning
combination of quality control, transparency, and broader visibility to
U.S. investors," said R. Cromwell Coulson, President and Chief
Executive Officer of OTC Markets Group. "We are pleased to welcome
Fortune Minerals to OTCQX."
OTCQX companies are required to have a Level 1 Sponsored American
Depository Receipt ("ADR") program in the U.S. or a foreign ordinary
that is Depository Trust Company ("DTC") eligible. This requirement
helps ensure that only the most investor-friendly companies, which have
already been approved by a qualified foreign stock exchange's listing
process, are eligible. Additionally, all OTCQX International companies
appoint a qualified, third-party Principal American Liaison ("PAL")
sponsor to help them with the admission process and act as a trusted
resource regarding all aspects of investor information needs and U.S.
market protocols.
U.S. law firm Dorsey & Whitney LLP ("Dorsey") is serving as Fortune's
PAL and is responsible for providing guidance on OTCQX requirements and
U.S. securities laws. Ken Sam, Toronto, Partner at Dorsey commented
that, "an increasing number of Canadian and International companies -
such as Adidas Group, Air France-KLM and Canadian Oil Sands Ltd. - are
accessing the US market through the OTCQX. This market is approaching
an important threshold and is becoming large enough to gain a greater
following among investors. The OTCQX is gradually becoming the trading
platform of choice."
The OTCQX is fully electronic and gives investors access through all
major online and full-service brokerage firms in the U.S., including
Schwab, E*TRADE, Scottrade, TD Ameritrade, and Fidelity. Trades are
settled and cleared in the U.S. similar to any NASDAQ or NYSE stock,
and trade reports are disseminated through Yahoo, Bloomberg, Reuters,
and most other financial data providers.
Current financial disclosures and Real-Time Level 2 quotes for Fortune
can be found at http://www.otcmarkets.com/stock/FTMDF/quote
About OTC Markets Group Inc.:
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest OTC marketplace for equity
securities. The OTC Link® trading system delivers price transparency in over 10,000 securities
and enables direct interaction between broker-dealers that provide
liquidity and execution services. OTC Markets Group organizes the wide
spectrum of OTC-traded equity securities into three marketplaces to
inform investors of opportunities and risks - OTCQX - The Intelligent
Marketplace for the Best OTC Companies; OTCQB® - The Venture Marketplace; and OTC Pink® - The Open Marketplace. The OTC Market Group's information-driven
platform makes it easy for investors to trade at the best price through
the broker of their choice and empowers companies to build the best
markets for their investors. To learn more about the OTC's Open,
Transparent, and Connected marketplace, visit www.otcmarkets.com.
About Fortune Minerals Limited:
Fortune is a diversified resource company with several mineral deposits
and a number of exploration projects, all located in Canada. The
Company is focused on the development of the Mount Klappan anthracite
metallurgical coal deposits in BC and the NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories
("NT"). As part of the development of the NICO deposit, Fortune is
developing a hydrometallurgical plant in Saskatchewan to process NICO
concentrates to high value metal products. The Company has also
acquired the buildings and equipment from the Golden Giant Mine at
Hemlo, Ontario, which have been dismantled, moved, and stored for
relocation to NICO. In addition, the Company owns the Sue-Dianne
copper-silver-gold deposit and other exploration projects in the NT.
Fortune is focused on outstanding performance and growth of shareholder
value through assembly and development of high quality mineral resource
projects.
This press release contains forward-looking information and forward
looking statements for the purposes of applicable securities laws. This
forward-looking information includes statements with respect to, among
other things, the proposed development of the NICO and Mount Klappan
projects and the anticipated benefits of trading on the OTCQX including
increased trading liquidity. Forward-looking information is based on
the opinions and estimates of management at the date the information is
given, and 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 inherent risks involved in the exploration and development
of mineral properties, the inherent volatility of metal prices, the
risk that the Company may not be able to arrange the necessary
financing to construct and operate the NICO and Mount Klappan mines,
uncertainties with respect to the receipt or timing of required permits
for the development of the projects, the risk that anticipated
benefits of trading on the OTCQX, including increased liquidity, will
not materialize and other factors. 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.