Fortune Minerals refiles 2015, Q1, Q2, Q3 2016 results

Fortune Minerals Limited ( TSX: FT; OTCQX: FTMDF) has filed amended and restated financial statements (together in each case with an amended corresponding management’s discussion and analysis) for the year ended Dec. 31, 2015, the quarter ended March 31, 2016, the quarter ended June 30, 2016, and the quarter ended Sept. 30, 2016, to correct the accounting errors identified.
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:

                               Sept. 30, 2016                       June 30, 2016
                         As restated     As previously       As restated     As previously
                                              reported                            reported
Derivatives                6,601,712                 -         4,344,810                 -
Share capital            161,374,666       161,831,321       160,568,782       161,025,437
Deficit                 (116,186,944)     (110,041,887)     (113,273,705)     (109,385,550)
Change in fair
value related to
derivative
liability                 (6,205,966)                -        (3,949,064)                -
Net (loss) from
continuing
operations                (8,100,926)       (1,894,960)       (5,187,687)       (1,238,623)
(Loss) from
discontinued
operations                         -                 -                 -                 -
Other
comprehensive
income                            25                25                25                25
Net comprehensive
(loss)                    (8,100,901)       (1,894,935)       (5,187,662)       (1,238,598)
(Loss) per share               (0.03)            (0.01)            (0.02)                -
                                 March  31, 2016                      Dec. 31, 2015
                         As restated     As previously       As restated     As previously
                                              reported                            reported
Derivatives                1,916,634                 -           395,746                 -
Share capital            160,679,115       159,697,125       160,153,780
Deficit                 (110,284,822)     (108,824,843)     (108,086,018)     (108,146,927)
Change in fair
value related to
derivative
liability                 (1,520,888)                -            60,909                 -
Net (loss) from
continuing
operations                (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                25        (1,359,115)       (1,358,663)
Net comprehensive
(loss)                    (2,198,779)         (677,891)      (42,468,433)      (41,170,227)
(Loss) per share               (0.01)                 -            (0.19)            (0.19)

The MD&A for each of the Financial Periods was amended and restated to reflect the changes to the Financial Statements discussed above.
The Amended Financial reports are available under the Company’s profile on SEDAR at www.sedar.com. Each of the Amended Financial reports replace and supersede the respective previously filed original financial statements and related management discussion and analysis. Such previously filed original financial statements and management discussion and analyses should be disregarded.
About Fortune Minerals
Fortune is a Canadian development stage mining company focused on advancing the vertically integrated NICO gold-cobalt-bismuth-copper project in the Northwest Territories and a related refinery the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of NICO and a potential future source of incremental mill feed to extend the life of the NICO mill. The Company also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia that were recently purchased by a provincial Crown corporation.
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