Fortress Minerals to Acquire Stake in Norwest Minerals; Shares Down 5%
Fortress Minerals has agreed to acquire a stake in Norwest Minerals by subscribing to 485,119,510 new shares at AU$0.01 each and 485,119,510 options at AU$0.03 each. Additionally, the company may subscribe for up to 130,000,000 new shares and options if the rights issue is under-subscribed, with a total consideration of up to AU$1.3 million. Following this news, Fortress Minerals' shares fell by over 5%.
Fortress Minerals entered into an agreement with Australia-listed Norwest Minerals to subscribe to 485,119,510 new shares at AU$0.01 per share and 485,119,510 new options at AU$0.03 per option.
Under the agreement, the company has agreed to subscribe for up to 130,000,000 new NML shares at an exercise price of AU$0.01 per share, along with 130,000,000 free NML options at AU$0.03 per option if the rights issue exercise is under-subscribed.
the consideration for the proposed subscription will be up to AU$1.3 million.
Shares of the iron ore company were down over 5% in recent trading.
