Forte Minerals Corp. Announces Debt Settlement Through Share Issuance
TL;DR
Forte Minerals Corp. settles $56,600 of debt through issuance of 283,000 common shares, offering potential financial advantage.
Debt settlement involves issuing 283,000 common shares at $0.20 per share, subject to a hold period of four months and one day.
Forte Minerals Corp. is committed to community engagement, environmental stewardship, and fulfilling societal responsibilities, aiming to make the world a better place.
Forte Minerals Corp. aims to generate significant value growth by strategically positioning permitted and drill-ready projects, blending assets in partnership with GlobeTrotters Resources Perú S.A.C.
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Forte Minerals Corp. (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA) has declared an agreement to settle a total of $56,600 in outstanding debt by issuing 283,000 common shares in the company's capital. The shares are priced at $0.20 each, and the settlement includes $34,000 owed to the company's officers and directors, as well as $22,600 owed to an unrelated third party.
According to the company's official statement, the newly issued shares will be subject to a hold period of four months and one day from the issuance date, in compliance with Canadian securities laws. The completion of this debt settlement is expected around July 9, 2024, contingent on obtaining all necessary corporate and regulatory approvals, including from the Canadian Securities Exchange.
Forte Minerals Corp. is a junior exploration company that has built a diverse portfolio of copper and gold assets in Peru. These assets are developed in collaboration with GlobeTrotters Resources Perú S.A.C. The company focuses on generating value through strategically positioned, permitted, and drill-ready projects, alongside historically discovered copper and gold projects. Forte is committed to community engagement, environmental stewardship, and fulfilling its societal responsibilities.
Patrick Elliott, CEO of Forte Minerals Corp., signed the announcement, emphasizing the company's commitment to managing its financial obligations while continuing to pursue its exploration and development goals.
The shares-for-debt agreement reflects Forte's strategy to manage its financial health without resorting to additional cash reserves, thereby preserving liquidity for ongoing and future projects. This approach can be particularly advantageous for junior exploration companies, which often operate with limited cash flow and high operational expenses. By converting debt into equity, Forte also aligns the interests of its creditors with the company’s long-term success.
Moreover, the issuance of new shares and the subsequent regulatory approvals highlight the compliance and regulatory framework within which junior exploration companies must operate. This ensures transparency and protects the interests of both the company and its shareholders.
For more information about Forte Minerals Corp. and its projects, you can visit their official website.
Curated from News Direct
