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.
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