Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) said it plans to raise up to C$2.7 million through a non-brokered private placement to fund drilling and exploration activities at its projects in Peru.
The Vancouver-based company will issue up to 6 million units at C$0.40 per unit to raise as much as C$2.4 million, with an option to increase the offering by C$300,000.
Each unit will consist of one common share and one-half of a share purchase warrant. A full warrant will allow the holder to buy one common share at C$0.60 for two years following the closing, subject to an accelerated expiry if the stock trades above C$0.90 for 20 consecutive days.
Forte said proceeds will support a five-hole drill program at its Pucarini project starting in July 2025, as well as geophysical and surface exploration at the Esperanza and Alto Ruri properties. The company will also use funds for permitting, community agreements, and general corporate purposes.
“We appreciate our shareholders’ continued confidence,” CEO Patrick Elliott said in a statement. “This financing positions us to drill test a high sulphidation system that’s never been drilled and to unlock the value of Alto Ruri, Esperanza and Miscanthus.”
The offering is expected to close on or before June 15.