11:02 AM EDT, 05/23/2025 (MT Newswires) -- Forte Minerals ( FOMNF ) on Friday said it intends to complete a non-brokered private placement to raise up to C$2.4 million for drilling and exploration programs on the company's Peruvian projects and for general working capital.

A statement noted the offering includes the sale of up to 6 million units at a price of $0.40 each. Each unit will be made up of a common share and one-half of a common share purchase warrant. Each whole warrant will be exercisable for one common share at C$0.60 for 24 months from the closing of the offering. However, if the closing price of the company's common shares exceeds C$0.90 per share for a period of 20 consecutive trading days, the company may give notice of the acceleration of the warrants' term to a period of 30 days following such notice.

Forte said the drilling and exploration programs include an inaugural five-hole drill program at Pucarini for total of 1,750 metres scheduled to start in July; and an MT Survey at Esperanza; and at Alto Ruri, DIA drill permitting and community agreements, along with surface exploration work including follow-up alteration and geological mapping, geochemical sampling, spectral analysis, IP and CSMAT.

The company added it reserves the right to increase the size of the offering by up to $300,000 through the sale of 750,000 additional units, for an aggregate offering not exceeding $2.7 million.

The company expects the offering to close on or before June 15, subject to customary conditions, including the receipt of all required regulatory approvals.

"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," said Forte Minerals' ( FOMNF ) President and Chief Executive Officer Patrick Elliott.

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