Forte Minerals begins trading on the OTCQB under the symbol FOMNF
Forte Minerals Corp. (“Forte” or the “Company”), (CSE: CUAU) is pleased to announce that it has completed its initial public offering (the “Offering”) of 9,583,332 units (each a “ Unit”) at a price of $0.30 per unit, which included the full exercise of an over-allotment option. The Offering raised aggregate gross proceeds of $2,874,999.60 pursuant to a final prospectus dated November 12, 2021 (the “Prospectus”).
A Unit is composed of one ordinary share of the Company (a ” To share “) and one common stock purchase warrant (each a ” To guarantee “) exercisable at the price of $0.50 per share up to January 24, 2025 . The warrants are issued pursuant to a warrant indenture dated January 24, 2022 between the Company and its warrant agent, Odyssey Trust Company, a copy of which is available under the Company’s profile on SEDAR at www.sedar.com.
A cash commission of $167,014.01 was paid to the Company’s agent, Haywood Securities Inc. (the “Agent”), together with a corporate financing fee of $40,000 plus applicable taxes, including $25,000 was paid in cash and $15,000 was paid for by issuing 50,000 shares. In addition, Agent and members of its selling group received 556,713 non-transferable agent warrants to purchase up to 556,713 Units at a price of $0.30 per unit up to January 24 2023.
Insiders participated in the Offer by acquiring a total of 1,243,332 Units on the same basis as other subscribers. Participation in the Offer by insiders of the Company constitutes a “related party transaction” as that term is defined in National Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company relies on exemptions from the formal valuation and minority approval requirements under NI 61-101. The Company has relied on section 5.5(a) of NI 61-101 for an exemption from the formal valuation requirement and on section 5.7(1)(a) of NI 61-101 for an exemption the minority shareholder approval requirement of NI 61-101. as the fair market value of the Offer to the extent that the Offer involved interested parties not exceeding 25% of the market capitalization of the Company.
Additionally, GlobeTrotters Resource Group Inc. (” Globe Trotters “), a significant shareholder of the Company, announces that it has acquired beneficial ownership of 833,333 Units for a total consideration of $250,000 pursuant to the Offer, which Units are included in the aggregate insider participation in the Offer, as indicated above. Prior to the Offering, GlobeTrotters directly held 5,000,000 Shares, representing approximately 18.43% of the issued and outstanding Shares of the Company. Following the closing of the Offer and GlobeTrotters’ participation therein, GlobeTrotters holds 5,833,333 Shares and 833,333 Warrants, representing approximately 15.87% of the issued and outstanding Shares of the Company on a non-diluted basis. and, assuming the exercise in full of the Warrants it holds, approximately 17.73% of the issued and outstanding shares on a partially diluted basis. Although GlobeTrotters has no plans or intentions with respect to the Shares or the Warrants, depending on market conditions, general economic and industry conditions, trading prices of the Shares, business, financial condition and outlook of the Company and/or other relevant factors, GlobeTrotters may develop such plans or intentions in the future and at such time may from time to time acquire additional Shares, dispose of any or all existing or additional Shares or may continue to hold the Company’s Shares.
A copy of the alert report filed by GlobeTrotters will be available on the Company’s SEDAR profile at www.sedar.com or may be obtained by contacting Richard Osmond at (604) 466-0425.
The common shares of the Company are expected to begin trading on January 25 and 2022 on the Canadian Securities Exchange under the symbol “CUAU”.
The Company intends to use the net proceeds of the Offering in pursuit of its exploration objectives as described in the Prospectus, in particular to fund the recommended initial drilling exploration program on its Pucarini Epithermal gold project. High Sulphidation 100% owned, located in the Puno region in Peru .
The Company also has two other porphyry copper projects also in the drilling permit phase. Don Gregorio is located in the Miocene belt of Northern Peru and is under option of Candente Copper Corp (TSX:DNT). Esperanza is located in the Paleocene belt of Southern Peru and is 100% owned by Forte.
The Company is led by an experienced and balanced management team. The management and the board of directors of the Company are composed of Mr. Patrick Elliot President, CEO and Director, Ms. Sam shorter Chief Financial Officer, Ms. Anna Dalaire VP Corp Dev and Corp Secretary, and Mr. Manuel Montoya , Exploration Manager, GM Peru. The remaining directors include Mr. Richard Osmond Mr. Doug Turnbull and Mrs. Stephanie Ashton . Paul Johnstone and Tom Henricksen support the exploration team as technical advisors.
A copy of the prospectus is available under the Company’s profile on SEDAR at www.sedar.com.
ON BEHALF OF Forte Minerals Corp.
(sign) ” Patrick Elliot ”
Chief Executive Officer
The information in this press release includes certain information and statements about management’s views on future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions subject to significant risks and uncertainties. Due to these risks and uncertainties and due to various factors, actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company’s proposed use of proceeds from its IPO. A number of factors could cause actual results to differ materially from these forward-looking statements and from future results. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations in the forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting these forward-looking statements. statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCEForte Minerals Corp.
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