Acquisition of Securities of Fortune Minerals Limited

2022-12-16 15:35:00

Toronto, Ontario–(Newsfile Corp. – December 16, 2022) – LRC-AUN LLP (“LRC“) announces that it has acquired by way of settlement of a debenture, 73,500,000 common shares of Fortune Minerals Limited (TSX: FT) (the “Company“) at a price of approximately $0.082 per share (the “Transaction“).

LRC’s acquisition of the 73,500,000 common shares in the Transaction represents 19.3% of the issued and outstanding common shares of the Company. Since the Transaction, LRC currently beneficially owns 75,500,000 common shares, representing approximately 19.8% of the issued and outstanding common shares. Immediately prior to the Transaction, LRC beneficially owned 2,000,000 common shares, representing approximately 0.5% of the issued and outstanding common shares.

LRC’s acquisition of the common shares in the Transaction was made in the ordinary course of its business operations. Depending on market conditions, LRC’s view of the Company’s prospects and other factors considered relevant by LRC, LRC may acquire securities of the Company from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of the Company.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of the Company at www.sedar.com. LRC’s address is c/o 15928 Canada Inc., 199 Bay Street, Commerce Court West, Suite 5300, Toronto, Ontario, M5L 1B9.

The TSX Venture Exchange has not reviewed and does not accept 
responsibility for the adequacy or accuracy of this release.

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