09:19 AM EDT, 07/16/2025 (MT Newswires) -- Forte Minerals ( FOMNF ) on Wednesday announced a non-brokered private placement with a strategic investor that will buy 6.3 million common shares at $0.90 apiece for about $5.7 million.

Upon closing, the investor will own 9.99% of Forte's issued and outstanding common shares on a non-diluted basis. Proceeds from the strategic placement will be used to advance the company's Alto Ruri high-sulfidation epithermal gold project in Peru and support general working capital and corporate purposes.

Under an investor rights agreement, Forte will form a joint technical advisory committee and collaborate on community engagement and long-term access strategies. Closing of the placement is expected to occur on or around July 23.

Shares of the company closed unchanged at $0.78 on Tuesday on the Canadian Securities Exchange.