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.
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