Fortune Minerals Strikes Lucrative Funding Deal of Up to C$10 Million with Lind Partners
Fortune Minerals Enters into Convertible Securities Funding Agreement for up to C$10 Million with Lind Partners
Fortune Minerals Limited, a Canadian development stage mining company, has recently announced that it has entered into a convertible securities funding agreement with Lind Global Macro Fund, LP (Lind) for up to C$10 million. This funding agreement is expected to provide Fortune Minerals with the necessary capital to support its operations and advance its projects.
The agreement specifies that Lind will provide up to C$10 million to Fortune Minerals through a series of unsecured convertible debentures. These debentures will have a term of 36 months and will bear an interest rate of 8% per annum. Fortune Minerals will have the option to prepay the principal amount of the debentures at any time without penalty.
In addition to providing the funding, Lind will also receive 3 million common share purchase warrants as part of the agreement. These warrants will have an exercise price of C$0.20 per share and a term of 60 months. This arrangement will allow Lind to potentially benefit from any future increase in Fortune Minerals’ share price.
The funds raised through this agreement will be used by Fortune Minerals to advance its flagship NICO cobalt-gold-bismuth-copper project in the Northwest Territories, Canada. The NICO project is considered one of the largest undeveloped primary cobalt deposits globally and has the potential to become a significant producer of cobalt, which is a critical component in electric vehicle batteries.
The funding agreement with Lind Partners is a significant milestone for Fortune Minerals as it provides the company with the necessary financial resources to advance its projects and pursue its strategic objectives. With the global demand for cobalt expected to increase in the coming years due to the growing popularity of electric vehicles, the NICO project holds considerable promise for Fortune Minerals and its stakeholders.
Overall, the agreement with Lind Partners represents a positive development for Fortune Minerals and underscores the company’s commitment to advancing its projects and creating long-term value for its shareholders. With the support of Lind, Fortune Minerals is well-positioned to capitalize on the opportunities in the burgeoning cobalt market and establish itself as a key player in the mining industry.
