Fortis secures $10 million equity investment from global...

Fortis secures $10 million equity investment from global investment fund, Global Emerging Markets

The Board of Fortis Mining Limited (Company) is pleased to advise the market and shareholders that it has entered into a legally binding Heads of Agreement with financial investment firm, Global Emerging Markets (GEM), for a $10 million equity facility.

GEM is a UK-based $3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.

While definitive documents are still to be finalised, the legally binding Heads of Agreement sets out the following core terms of the equity facility:

 limit of $10 million, to be drawn down at the Company?s discretion.
 term of 3 years.
 subscription share price to be based on either a VWAP or average closing price formula.

Executive Chairman, Jitto Arulampalam, said today ?The Board is extremely excited to have GEM join the Company as a strategic investment partner.?

?This $10 million investment gives the Board the extra security and confidence to vigorously pursue strategic investment opportunities, both locally and abroad.? Mr Arulampalam said.

GEM echoed the Company?s statement.