VANCOUVER, Dec. 3 /CNW/ - China Mining Resources Group Limited ("China Mining") announces that as of December 3, 2009, it has indirectly acquired through its wholly-owned subsidiary, Best Tone Holdings Limited ("Best Tone"), 9,100,000 units (the "Units") of Fortune Minerals Limited (TSX: FT) (the "Company"). Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant. The common shares so acquired constitute 9.6% of the issued and outstanding shares of the Company and China Mining now has beneficial ownership and control over 14,514,300 common shares of the Company, which represents approximately 15.31% of the issued and outstanding shares of the Company. Assuming the exercise of the 4,550,000 whole common share purchase warrants now held by Best Tone, China Mining will have beneficial ownership and control over 19,064,300 common shares of the Company, representing approximately 19.19% of the issued and outstanding common shares of the Company (assuming the exercise of the warrants held by China Mining).
The Units were acquired pursuant to subscription under a short form prospectus offering of the Company at a price of $0.65 per Unit. The Units were acquired in the normal course of China Mining's investment activities. China Mining may, directly or indirectly, at any time and from time to time, increase or decrease its beneficial ownership or control or direction of the Company's securities depending on future economic or market conditions.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE CHINA MINING RESOURCES GROUP LIMITED
For further information: For further information: China Mining Resources Group Limited, Rm 1306, 13/F, Bank of America Tower, 12 Harcourt Road, Admiralty, Hong Kong