Fortress Minerals (SGX:OAJ) entered into an agreement with Australia-listed Norwest Minerals (ASX:NWM) 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.