Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA), announces that pursuant to its previously announced shares for debt settlement (see press release dated July 2, 2024), it has now completed the debt settlement with certain of its creditors (together, the "Creditors") issuing 283,000 common shares (the "Settlement Shares") at deemed price of $0.20 per share settling outstanding accounts payable totaling $56,600.00 (the "Shares for Debt Transaction") owing to the Creditors. The Company is completing the Shares for Debt Transaction to improve its financial position in an effort to support its planned future growth.
The Creditors include certain directors and officers (collectively, the "Related Parties"), who will receive an aggregate of 150,000 of the Settlement Shares. The issuance of the Settlement Shares to the Related Parties constitutes a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Notwithstanding the foregoing, the directors of the Company have determined that the issuance of the Settlement Shares is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of the Settlement Shares, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).
All Settlement Shares will be subject to a statutory hold period expiring on November 10, 2024.
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp., a junior exploration company that has blended assets in partnership with GlobeTrotters Resources Peru S.A.C., has built a robust portfolio of high-quality Cu and Au assets in Peru. The Company aims to generate significant value growth by strategically positioning permitted and drill-ready projects alongside historically discovered copper and gold projects. Notwithstanding its resource discovery and development focus, Forte is deeply committed to community engagement, environmental stewardship, and fulfilling its societal responsibilities.
On behalf of FORTE MINERALS CORP.
(signed) "Patrick Elliott"
Chief Executive Officer
For further information, please contact:
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.
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