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Forte Minerals Completes Miscanthus Acquisition from Globetrotters Resource Group

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Forte Minerals has completed the acquisition of the Miscanthus Property in central Peru from Globetrotters Resource Group. The property includes 4 concessions totaling 3,200 hectares and comes with an approved DIA drilling permit for 40 platforms over 172 hectares. The acquisition terms include a US$27,000 cash payment, issuance of 3,000,000 common shares at $0.23 per share, and a 1.0% NSR royalty. Following the transaction, Globetrotters increased its ownership to 17.60% of Forte's outstanding shares (undiluted) and potentially 18.94% on a partially diluted basis.

Forte Minerals ha completato l'acquisizione della Miscanthus Property nel centro del Perù dal Globetrotters Resource Group. La proprietà comprende 4 concessioni per un totale di 3.200 ettari ed è dotata di un permesso di perforazione DIA approvato per 40 piattaforme su 172 ettari. I termini dell'acquisizione includono un pagamento in contante di 27.000 USD, l'emissione di 3.000.000 azioni ordinarie a 0,23 USD per azione e una royalty NSR dell'1,0%. Dopo la transazione, Globetrotters ha aumentato la propria partecipazione al 17,60% delle azioni in circolazione di Forte (non diluite) e potenzialmente al 18,94% su base parzialmente diluita.

Forte Minerals ha completado la adquisición de la Miscanthus Property en el centro de Perú del Globetrotters Resource Group. La propiedad incluye 4 concesiones que suman 3.200 hectáreas y cuenta con un permiso de perforación DIA aprobado para 40 plataformas en 172 hectáreas. Los términos de la adquisición incluyen un pago en efectivo de 27,000 USD, la emisión de 3,000,000 acciones comunes a 0.23 USD por acción y una regalía NSR del 1.0%. Tras la transacción, Globetrotters incrementó su participación al 17.60% de las acciones en circulación de Forte (no diluidas) y potencialmente al 18.94% en base parcialmente diluida.

Forte Minerals는 Globetrotters Resource Group으로부터 페루 중부에 위치한 Miscanthus Property를 인수했습니다. 이 자산은 총 3,200 헥타르에 해당하는 4개의 채굴 권리를 포함하며, 172헥타르에 걸쳐 40개의 플랫폼에 대한 승인된 DIA 시추 허가를 보유하고 있습니다. 인수 조건에는 27,000 USD의 현금 지급, 주당 0.23 USD로 3,000,000의 보통주 발행, 그리고 1.0% NSR 로열티가 포함됩니다. 거래 이후 Globetrotters는 Forte의 발행 주식의 17.60% (희석되지 않은) 지분을 소유하게 되었고, 부분적으로 희석된 기준으로는 최대 18.94%에 이를 수 있습니다.

Forte Minerals a finalisé l'acquisition de la Miscanthus Property dans le centre du Pérou auprès de Globetrotters Resource Group. La propriété comprend 4 concessions totalisant 3 200 hectares et dispose d'un permis de forage DIA approuvé pour 40 plateformes sur 172 hectares. Les conditions de l'acquisition incluent un paiement en espèces de 27 000 USD, l'émission de 3 000 000 d'actions ordinaires à 0,23 USD par action, et une redevance NSR de 1,0 %. Suite à la transaction, Globetrotters a porté sa part à 17,60 % des actions ordinaires de Forte (non diluées) et potentiellement 18,94 % sur une base partiellement diluée.

Forte Minerals hat die Übernahme der Miscanthus Property im zentralen Peru von der Globetrotters Resource Group abgeschlossen. Das Grundstück umfasst 4 Konzessionen mit insgesamt 3.200 Hektar und verfügt über eine genehmigte DIA-Bohrgenehmigung für 40 Plattformen über 172 Hektar. Die Konditionen der Übernahme beinhalten eine Barzahlung von 27.000 USD, die Ausgabe von 3.000.000 Stammaktien zu einem Preis von 0,23 USD pro Aktie und eine NSR-Royalty von 1,0%. Nach der Transaktion erhöhte Globetrotters seinen Anteil auf 17,60% der ausgegebenen Aktien von Forte (unverdünnt) und potenziell auf 18,94% auf teilverdünnter Basis.

Positive
  • Acquired property includes approved DIA drilling permit for 40 platforms, reducing permitting risk
  • Property spans 3,200 hectares in strategic location in Peru
  • Relatively low cash payment of US$27,000 for the acquisition
Negative
  • Share dilution of approximately 5.24% through issuance of 3,000,000 new shares
  • 1.0% NSR royalty obligation on future production
  • Increased ownership concentration with Globetrotters now holding up to 18.94% stake

VANCOUVER, BC / ACCESSWIRE / October 31, 2024 / Forte Minerals Corp. ("Forte"or the"Company") (CSE:CUAU)(OTCQB:FOMNF)(Frankfurt:2OA), a Canadian exploration company focused on developing copper and gold assets in Peru, is pleased to announce the completion of its acquisition of the Miscanthus Property (the "Property") a high-sulphidation epithermal gold-silver and porphyry copper-molybdenum-gold prospect in central Peru from Globetrotters Resource Group Inc. ("Globetrotters"), as initially announced on October 23, 2024.

The Property consists of 4 Concessions: Totaling 3,200 hectares, which was transferred to Forte's Peruvian subsidiary, Cordillera Resources Perú S.A.C and includes an approved DIA drilling permit for up to 40 platforms over 172 hectares, significantly lowering permitting risk.

Under the Mineral Asset Purchase Agreement dated October 21, 2024, between Forte and Globetrotters, to acquire the Property, Forte made a one-time cash payment of US$27,000, issued 3,000,000 common shares at a deemed price of $0.23 per share, and granted a 1.0% net smelter return (NSR) royalty to Globetrotters.

With the acquisition now complete, Forte is well-positioned to advance exploration at Miscanthus.

For further details, please refer to Forte's October 23, 2024, press release.

As GlobeTrotters is the beneficial owner of more than 10% of Forte's outstanding shares, it is a "related party" to the Company within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As such, the acquisition of the Property was a "related party transaction" within the meaning of MI 61-101. The Company relied on exemptions from the formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the Property and consideration payable therefore does not constitute more than the 25% of the Company's market capitalization.

Prior to the completion of the acquisition, GlobeTrotters held 5,833,333 common shares representing 12.36% of the then outstanding shares and following the acquisition, GlobeTrotters now holds 8,833,333 shares and 833,333 warrants, representing 17.60% of the outstanding shares on an undiluted basis and, assuming full exercise of the warrants held approximately 18.94% of the issued and outstanding shares on a partially diluted basis. While GlobeTrotters has no plans or intentions with respect to the securities held by it, depending on market conditions, general economic and industry conditions, trading prices of the shares, the Company's business, financial condition and prospects and/or other relevant factors, GlobeTrotters may develop such plans or intentions in the future and, at such time, may from time to time acquire additional shares, dispose of some or all of the existing or additional shares or may continue to hold the shares of the Company.

A copy of the early warning report filed by GlobeTrotters will be available on the Company's SEDAR profile at www.sedar.com or may be obtained by contacting Richard Osmond at (604) 466-0425.

All securities issuable in the acquisition are subject to a four month and one day hold period ending on March 1, 2025.

ABOUT FORTE MINERALS CORP.

Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper ("Cu") and gold ("Au") assets in Perú. Our strategic partnership with GlobeTrotters Resources Perú S.A.C. ("GTR") grants us access to a comprehensive project pipeline, enabling us to target the most promising opportunities. This collaboration focuses on historically discovered, drill-ready targets, driving significant value in Cu and Au resource development.

On behalf of FORTE MINERALS CORP.

(signed) "Patrick Elliott"
Chief Executive Officer

For further information, please contact:

Glen Watson, Investor Relations
1-844-863-3622
gwatson@forteminerals.com
Forte Minerals Corp.
office: 604-983-8847
info@forteminerals.com
www.forteminerals.com

Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest management's discussion and analysis, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.

Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Forte Minerals Corp



View the original press release on accesswire.com

FAQ

What are the terms of Forte Minerals' (FOMNF) Miscanthus Property acquisition?

Forte Minerals paid US$27,000 in cash, issued 3,000,000 common shares at $0.23 per share, and granted a 1.0% NSR royalty to Globetrotters Resource Group.

How many hectares does the Miscanthus Property cover?

The Miscanthus Property consists of 4 concessions totaling 3,200 hectares in central Peru.

What is Globetrotters' ownership stake in Forte Minerals (FOMNF) after the acquisition?

After the acquisition, Globetrotters holds 17.60% of shares on an undiluted basis and potentially 18.94% on a partially diluted basis.

What permits are included in the Miscanthus Property acquisition?

The property includes an approved DIA drilling permit for up to 40 platforms over 172 hectares.

FORTE MINERALS CORP

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