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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.