Forte Minerals Secures Major Funding Through Private Placement
Forte Minerals Closes Successful Private Placement
VANCOUVER, British Columbia - Forte Minerals Corp. (“Forte” or the “Company”) (CSE: CUAU, OTCQB: FOMNF, Frankfurt: 2OA), an exploration company focused on copper and gold ventures in Peru, recently achieved a significant milestone by closing its oversubscribed private placement, garnering gross proceeds of C$2,690,000. This funding exceeds the initial target, highlighting strong investor interest in Forte's robust exploration agenda.
Details of the Private Placement
Originally announced as a C$2.4 million financing on May 23, 2025, the demand from investors was overwhelming, leading to the issuance of 6,725,000 units priced at C$0.40 each. Each unit comprises one common share and one-half share purchase warrant. Notably, each warrant enables the holder to acquire an additional share at C$0.60 until June 13, 2027. The Company maintains the right to accelerate the expiry of these warrants if its shares consistently trade above C$0.90 for 20 consecutive days.
As per Canadian securities regulations, all issued securities will be subject to a statutory hold period lasting until December 14, 2025. The Company also compensated finder’s fees totaling C$97,120.00 and issued 231,550 finder’s warrants on similar terms.
Proceeds Utilization Strategy
The objectives for utilizing the proceeds from this placement are clear and focused. The funding will enhance exploration initiatives and corporate strategies across several key projects:
Pucarini Project
The Company will initiate a five-hole drill program spanning approximately 1,750 meters at the Pucarini site, targeting a high-sulphidation gold system, with operations set to commence in July.
Esperanza Project
An investment in a magnetotelluric (MT) survey will refine drill target selection at the Esperanza site, potentially leading to more efficient and targeted exploration efforts.
Alto Ruri Project
Preparations for the Alto Ruri project include securing DIA drill permits, conducting surface geophysics (IP & CSMAT), sampling activities, and establishing community agreements, all geared towards advancing the project.
Working Capital
Additionally, some of the proceeds will be allocated to bolster general working capital, ensuring the Company maintains fluidity in its operational endeavors.
Insider Participation in the Offering
Adding to the growth momentum, certain directors and officers of Forte participated in this private placement by subscribing for a collective total of 50,000 units. This participation qualifies as a related party transaction under Multilateral Instrument 61-101, with the Company having availed itself of exemptions from formal valuation and minority shareholder approval requirements.
Company Leadership Insights
Patrick Elliott, President and CEO of Forte Minerals, expressed pride in exceeding the financing target, stating, "This reflects strong market confidence in our exploration strategy and highlights the potential of our high-impact copper-gold portfolio in Peru. We eagerly anticipate starting our summer drill program at Pucarini."
About Forte Minerals Corp.
Forte Minerals Corp. is catalyzing its growth through strategic partnerships, specifically with GlobeTrotters Resources Perú S.A.C. (“GTR”), which grants access to a promising pipeline of projects. This collaboration emphasizes drill-ready targets that can significantly augment copper and gold resource development, thus enhancing the value proposition for shareholders.
Get in Touch
Forte Minerals Corp. invites you to connect for more information. You can reach them at:
Forte Minerals Corp.
Office: (604) 983-8847
Email: info@forteminerals.com
Website: www.forteminerals.com
Frequently Asked Questions
What was the amount raised in the private placement?
Forte Minerals Corp. raised gross proceeds of C$2,690,000 in its oversubscribed private placement.
When does the warrant exercise period end?
The warrants allow the purchase of additional shares until June 13, 2027, with possible acceleration conditions.
What projects are being advanced with the funds?
The proceeds will be utilized primarily for the Pucarini, Esperanza, and Alto Ruri projects, along with general working capital.
Who participated in the private placement?
Certain directors and officers of Forte participated by subscribing for a total of 50,000 units in the offering.
What is the significance of this private placement?
This financing demonstrates investor confidence in Forte’s strategic exploration initiatives and its growth trajectory in the copper-gold sector.
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