Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) announced it has finalized its acquisition of the Miscanthus property in central Peru from Globetrotters Resource Group Inc.
The Miscanthus property, a high-sulphidation epithermal gold-silver and porphyry copper-molybdenum-gold prospect, spans 3,200 hectares over four mining concessions.
The acquisition includes a DIA drilling permit for up to 40 platforms across 172 hectares, which, according to Forte, reduces permitting risks as the company initiates exploration activities.
Per terms of the purchase agreement, Forte acquired the property with a one-time cash payment of $27,000, the issuance of 3 million common shares at $0.23 per share, and a 1% net smelter return royalty granted to Globetrotters.
Globetrotters now holds 8.83 million shares and 833,333 warrants in Forte, representing 17.6% of the company’s outstanding shares on an undiluted basis.
Forte aims to advance its exploration initiatives at Miscanthus following the acquisition.