Fortune Minerals Limited Announces an Increased Size of the Previously Announced Bought Deal Financing

TORONTO, ONTARIO--(Marketwired - Feb. 15, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Fortune Minerals Limited (TSX:FT)(OTCQX:FTMDF) ("Fortune" or the "Company") is pleased to announce that it has agreed with Cormark Securities Inc. (the "Underwriter") to increase the size of the bought deal offering of units, announced on February 15, 2017, by 2,800,000 units ($700,000 ) to 22,800,000 units ("Units") of the Company at a price of $0.25 per Unit, for aggregate gross proceeds of $5.7 million. Each Unit will consist of one common share of Fortune (a "Common Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"), each full Warrant being exercisable to acquire one common share of Fortune at a purchase price of $0.35 for a period of 24 months following the closing date.

In addition, the Company has granted the Underwriter an option to purchase additional Units at the Offering Price to raise additional gross proceeds of up to $750,000, for a period of 30 days after and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes.

The offering is scheduled to close on or about March 8, 2017. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities.

The net proceeds from the offering will be used to fund an updated feasibility study for the NICO Cobalt-Gold-Bismuth-Copper project and for general corporate purposes.

This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

About NICO:

The NICO deposit contains Proven and Probable Mineral Reserves totaling more than 33 million tonnes that will support a 21-year mine life at a planned mill throughput rate of 4,650 metric tonnes of ore per day. Approximately 180 wet tonnes per day of bulk concentrate will be produced by flotation in the mill containing the recoverable metals and will be trucked from the site on the new road to the rail head at Hay River for railway delivery to the refinery in Saskatchewan and downstream processing to value-added metals and chemicals. Life of mine average annual production is projected to be 41,300 ounces of gold, 1,615 tonnes of cobalt contained in a battery grade cobalt sulphate, 1,750 tonnes of bismuth contained in metal ingots and oxide powder, and 265 tonnes of copper.