11:38 AM EDT, 07/23/2025 (MT Newswires) -- Forte Minerals ( FOMNF ) on Wednesday said it closed a $5.7-million non-brokered private placement with a strategic investor.

The company said the investor acquired around 6.32-million shares at $0.90 each.

Following the closing, the investor holds 9.99% of Forte Minerals' ( FOMNF ) shares on a non-diluted basis.

At least 80% of the proceeds will be directed toward exploration activities at the company's flagship Alto Ruri gold project in central Peru and the remaining funds will be allocated to general working capital and corporate purposes.

Concurrent with closing, the company and the investor entered into an investor rights agreement whereby the investor is entitled to certain rights, subject to the investor maintaining certain ownership thresholds in the company.

Under the agreement, the investor and the company will form a joint technical advisory committee and "collaborate on community engagement and long-term access strategies".

"Closing this placement is a pivotal milestone for Forte," said Chief Executive Officer, Patrick Elliott. "The investor's conviction and long-term horizon validates our exploration thesis in Peru. With capital in hand and technical collaboration secured, we can accelerate exploration & drill permitting at Alto Ruri while unlocking value across our broader portfolio."

The company's shares were last seen down $0.08 to $0.87 on the Canadian Securities Exchange.

Price: 0.87, Change: -0.08, Percent Change: -8.42