Fortune adopts 2009 Shareholder Rights Plan

    Issued Capital: 64,890,857

    LONDON, ON, June 11 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune
Minerals" or the "Company") announces that it has implemented a new
Shareholder Rights Plan (the "2009 Plan") as approved by shareholders of the
Company at the annual and special meeting of shareholders held on May 20,
2009. As previously announced, the 2009 Plan has been implemented to replace a
similar plan adopted by the directors of Fortune Minerals in November 2008,
which lapsed on May 3, 2009. The full text of the 2009 Plan will be available
for review under the Company's SEDAR profile at
    Like its predecessor and similar plans adopted by a number of other
public companies, the 2009 Plan has been implemented to ensure, to the extent
possible, that all shareholders of the Company are treated equally and fairly
in connection with any take-over bid for the Company. The 2009 Plan
discourages discriminatory, coercive or unfair take-overs of the Company and
gives the Company's board of directors (the "Board") time if, in the
circumstances, the Board determines it is appropriate to take such time, to
pursue alternatives to maximize shareholder value in the event an unsolicited
take-over bid is made for all or a portion of the outstanding common shares of
the Company (the "Common Shares").
    In connection with the implementation of the 2009 Plan, the Board has
authorized the issuance of one right (a "Right") in respect of each Common
Share outstanding at the close of business on June 10, 2009 (the "Record
Time"). In addition, the Board has authorized the issuance of one Right in
respect of each additional Common Share issued after the Record Time. The
Rights trade with and are represented by Common Share certificates, including
certificates issued prior to the Record Time. Until such time as the Rights
separate from the Common Shares and become exercisable, Rights certificates
will not be distributed to shareholders.
    If a person, or a group acting in concert, acquires (other than pursuant
to an exemption available under the 2009 Plan or pursuant to a transaction in
respect of which the Board has waived the operation of the 2009 Plan in
accordance with the terms thereof) Beneficial Ownership (as defined in the
2009 Plan) of 20% or more of the Common Shares, Rights (other than those held
by such acquiring person which will become void) will separate from the Common
Shares and permit the holder thereof to purchase Common Shares at a 50%
discount to their market price.
    The issuance of the Rights is not dilutive until the Rights separate from
the underlying Common Shares and become exercisable or until the exercise of
the Rights. The issuance of the Rights will not change the manner in which
shareholders currently trade their Common Shares.
    The 2009 Plan has not been implemented in response to, or in
contemplation of, any specific take-over bid for the Company. The Board did
not adopt the 2009 Plan to prevent a take-over of the Company, to secure the
continuance of management or the directors in their respective offices or to
deter fair offers for the Common Shares.

    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 cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit
and other base and precious metals 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 projects.

For further information:

For further information: Fortune Minerals Limited, Robin Goad, President
- or - Lindsay Simmons, IR Coordinator, Tel.: (519) 858-8188, Fax: (519)
858-8155,,; Renmark Financial
Communications, Dan Symons, Account Manager - or - Barbara Komorowski, Account
Manager, Tel. (514) 939-3989, Fax. (514) 939-3717,,,

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890