Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) said it had closed an oversubscribed non-brokered private placement, raising C$1.79 million for exploration.
Proceeds from the offering will primarily fund Forte's exploration initiatives, which includes an initial 1,200-meter drill program at the Pucarini gold project and extensive surface exploration activities at Esperanza and Alto Ruri.
Additionally, funds will support ongoing community engagement efforts, drill permitting, and general corporate purposes.
Originally targeted at 7.5 million units, the company ended up issuing 8.95 million units at C$0.20 per unit due to demand.
Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$0.30 until June 26, 2026.
"We are thankful for the overwhelming support from our shareholders, which reflects strong confidence in Forte's strategic vision and our exploration targets,” CEO Patrick Elliott said in a statement.
“This successful capital raise marks a significant milestone in advancing our projects towards discovery."