Issued Capital: 97,314,407
LONDON, ON, Aug. 26 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune
Minerals" or the "Company") announced today that it
will reduce the exercise price and extend the expiry date of 6,420,999
outstanding common share purchase warrants (the "Warrants")
originally issued under private placements completed by the Company in
March, May and June, 2009. The expiry date of the Warrants will be
extended from September 2, 2010 to September 30, 2010 and the exercise
price of the Warrants will be reduced from $0.80 to $0.60, provided that
the reduced exercise price will not become effective until September 14,
2010. All other material terms of the Warrants will remain unchanged.
The Company will send a notice to Warrantholders advising them of the
foregoing changes to the Warrants.
The Company has received the conditional approval of the Toronto Stock
Exchange (the "TSX") for the proposed amendment to the
Warrants. No Warrants are owned by insiders of the Company or
their associates or affiliates.
About Fortune Minerals:
Fortune Minerals 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 its NICO gold-cobalt-bismuth-copper deposit in the
Northwest Territories and its metals processing plant in Saskatchewan.
Fortune Minerals owns the buildings and equipment from the Golden Giant
Mine at Hemlo, Ontario, which have been dismantled for relocation to
NICO. Fortune Minerals also owns the Mount Klappan anthracite coal
deposits in British Columbia, and the Sue-Dianne copper-silver deposit
and other exploration projects in the Northwest Territories. Fortune
Minerals is focused on outstanding performance and growth of shareholder
value through assembly and development of high quality mineral resource
SOURCE Fortune Minerals Limited
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