Mineral company Forte closes strategic investment worth C$5.7 million, onboards new long-term collaborator
Forte Minerals Corp. Secures CAD 5.7 Million in Strategic Investment
Forte Minerals Corp., an exploration company specialising in high-quality copper and gold assets in Peru, has announced a successful private placement with a strategic investor. The investment totals CAD 5.7 million, with at least 80% of the proceeds earmarked for exploration activities at Forte's flagship Alto Ruri high-sulfidation epithermal gold project in central Peru.
The strategic investor acquired 6,326,066 common shares at a price of CAD 0.90 per share. As a result, the investor now holds 9.99% of Forte's issued and outstanding shares on a non-diluted basis.
The Investor Rights Agreement, signed between Forte and the Investor, grants the Investor certain rights and obligations. These include technical information sharing rights, the right to participate in future equity financings, and the right to maintain its percentage ownership interest in the company. The Investor has also agreed to voting support and standstill covenants.
Under the Investor Rights Agreement, a joint technical advisory committee will be formed, and the parties will collaborate on community engagement and long-term access strategies.
The remaining funds will be allocated to general working capital and corporate purposes. All shares issued under the Strategic Placement are subject to a four-month plus one-day statutory hold period expiring November 24, 2025.
Alto Ruri, located near Barrick Gold’s Pierina mine, which has produced over 10 million ounces of gold, boasts significant high-priority targets yet to be drilled. This financial injection is expected to fast-track the company’s exploration efforts and strengthen their long-term position in Peru's copper-gold sector.
For more information, visit Forte Minerals Corp.'s website or social media platforms. Contact details for investor and media inquiries are also available on the company's website. A copy of the Investor Rights Agreement will be made available on SEDAR.
Please note that certain statements in this press release are forward-looking, involving risks, uncertainties, and assumptions. Forte Minerals Corp. assumes no responsibility to update or revise forward-looking information unless required by law.
Forte Minerals Corp. has a strategic partnership with GlobeTrotters Resources Peru S.A.C. for access to historically drilled, high-impact targets. Patrick Elliott serves as the President & Chief Executive Officer of Forte Minerals Corp., while Kevin Guichon is responsible for Investor Inquiries, and Anna Dalaire is the VP Corporate Development.
[1] Forte Minerals Corp. Press Release, [date] [2] Peru's Mineral-Rich Belt, [source], [date] [3] Alto Ruri High-Sulfidation Epithermal Gold Project, [source], [date] [4] Barrick Gold's Pierina Mine, [source], [date]
Despite Forte Minerals Corp.'s focus on high-quality copper and gold assets in Peru, the strategic investor may find interest in future sports sponsorships, given their enhanced stake in the company.
On weekends, the weather at Alto Ruri, near Barrick Gold’s Pierina mine, could impact the company's exploration activities, necessitating appropriate precautions to ensure safety and productivity.
