Business
Forte Minerals Closes IPO; Will Commence Trading on the CSE January 25
VANCOUVER, BC, Jan. 24, 2022 /CNW/ - Forte Minerals Corp. ("Forte" or the "Company"), (CSE:CUAU) is pleased to announce that it has completed its initial public
About this update from Forte Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, Jan. 24, 2022 /CNW/ - Forte Minerals Corp. (\"Forte\" or the \"Company\"), (CSE:CUAU) is pleased to announce that it has completed its initial public offering (the \"Offering\") of 9,583,332 units (each a \"Unit\") at a price of $0.30 per Unit, which included the exercise in full of an over-allotment option. The Offering generated aggregate gross proceeds of $2,874,999.60 pursuant to a final prospectus dated November 12, 2021 (the \"Prospectus\"). A Unit consisted of one common share of the Company (a \"Share\") and one common share purchase warrant (each a \"Warrant\") exercisable at a price of $0.50 per share until January 24, 2025. The Warrants are issued pursuant to a warrant indenture dated January 24, 2022 between the Company and its warrant agent, Odyssey Trust Company, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. A cash commission of $167,014.01 was paid to the Company's agent, Haywood Securities Inc. (the \"Agent\"), as well as a corporate finance fee of $40,000, plus applicable taxes, of which $25,000 was paid in cash and $15,000 was paid through the issuance of 50,000 Units. In addition, the Agent and its selling group members received 556,713 non-transferable agent's warrants to acquire up to 556,713 Units at a price of $0.30 per Unit until January 24, 2023. Insiders participated in the Offering acquiring an aggregate of 1,243,332 Units on the same basis as other subscribers. The participation in the Offering by insiders of the Company constitutes a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Offering in so far as the Offering involved interested parties did not exceed 25% of the Company's market capitalization. In addition, GlobeTrotters Resource Group Inc. (\"GlobeTrotters\"), a significant shareholder of the Company, announces that it acquired beneficial ...