Fortune Minerals announces filing of amended and restated financial statements - 21.02.17 - News

LONDON, ON, Feb. 21, 2017

LONDON, ON, Feb. 21, 2017 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announced today it has filed amended and restated financial statements (together in each case with an amended corresponding management's discussion and analysis) (collectively, the Amended Financial Reports) for the year ended December 31, 2015, the quarter ended March 31, 2016, the quarter ended June 30, 2016 and the quarter ended September 30, 2016 (collectively, the Financial Periods) to correct the accounting errors identified below.

In connection with the preparation of the Company's audited consolidated annual financial statements for the year ended December 31, 2016 and a review of the Company's unaudited interim financial statements for the quarter ended September 30, 2016, it was determined by management, and agreed to by the Company's auditors, BDO Canada LLP, that, as a result of the anti-dilution provisions of the Class A and Class B warrants issued by the Company on August 12, 2015 (the Warrants), the previous accounting treatment of the Warrants in the financial statements for the Financial Periods (collectively, the Financial Statements) was incorrect. Upon further investigation, it was determined that the Warrants should have been recorded as a derivative liability as at each Financial Period instead of as a component of equity. Additionally, the Warrants should have been recorded at fair value using Black-Scholes methodology at the end of each of the relevant reporting periods. An error was also noted in the calculation of the Loss on Discontinued Operations and Other Comprehensive Income in the Financial Statements for the year ended December 31, 2015.

As a result, the Financial Statements (and the corresponding management's discussion & analysis for each Financial Statement) have been amended and restated to move the value of the Warrants from the equity section of the Company's statement of financial position to the liability section. The impact of these changes to each of the Financial Statements is highlighted in the table below:

September 30, 2016

ARIVA.DE Börsen-Geflüster

Kurse

Fortune Minerals

0,024 €

0,00%

June 30, 2016

March 31, 2016

December 31, 2015

As Restated

As Previously Reported

As Restated

As Previously Reported

As Restated

As Previously Reported

As Restated

As Previously Reported

$

Derivatives

6,601,712

-

4,344,810

-

1,916,634

-

395,746

-

Share Capital

161,374,666

161,831,321

160,568,782

161,025,437

160,222,460

160,679,115

159,697,125

160,153,780

Deficit

(116,186,944)

(110,041,887)

(113,273,705)

(109,385,550)

(110,284,822)

(108,824,843)

(108,086,018)

(108,146,927)

Change in fair value

related to derivative

liability

(6,205,966)

-

(3,949,064)

-

(1,520,888)

-

60,909

-

Net Loss from

Continuing

Operations

(8,100,926)

(1,894,960)

(5,187,687)

(1,238,623)

(2,198,804)

(677,916)

(10,747,545)

(10,808,454)

Loss from

Discontinued

Operations

-

(30,361,773)

(29,003,110)

Other

Comprehensive

Income

25

(1,359,115)

(1,358,663)

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