09:55 AM EDT, 05/22/2024 (MT Newswires) -- Fortune Minerals ( FTMDF ) on Wednesday said it has entered into a $10 million convertible securities agreement with Lind Global Fund II, LP, managed by The Lind Partners.

Fortune has received $1.25 million in exchange for a first convertible security. Additional drawdowns can be made, subject to mutual agreement. Most of the proceeds from the first drawdown were used to make a $1 million down payment to JFSL Field Services, to extend the purchase option for the brownfield industrial site and buildings in Lamont County, Alberta, on amended terms.

Fortune plans to construct a hydrometallurgical refinery on the site to treat metal concentrates from the proposed NICO mine and concentrator in the Northwest Territories and other feed sources. The acquisition, totaling $5.5 million, is expected to be completed by June 28.

The first convertible security has a two-year term with a face value of $1.6 million, secured by a lien against Fortune's assets.

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