Fortitude Mining Acquires 9.4% Stake in HeartSciences for Approximately $1 Million

Fortitude Mining has purchased a 9.4% stake in HeartSciences for approximately $1 million. The transaction was completed on August 12 through a private placement, acquiring 411,522 shares of common stock at a subscription price of $2.43 per share. According to documents submitted to the SEC, the exact expenditure was $999,998.46, representing a 22% premium over the stock's closing price on the purchase date. HeartSciences indicated that it plans to use the net proceeds for operational expenses before the proposed merger is completed and noted that this investment will not alter the exchange ratio or issue additional shares to Fortitude's existing shareholders at closing. By purchasing common stock, Fortitude has directly held shares in HeartSciences prior to the shareholder vote. As of August 20, preliminary documents have not listed the date for the special shareholder meeting or the record date. The two companies expect to complete the transaction in the second half of 2026, with the proposed structure allowing DCG to obtain approximately 95% of the voting rights in the merged company, while existing HeartSciences shareholders will hold about 5%. The documents also warned that if the merger fails to proceed, HeartSciences' ability to continue operations may be limited, and it may need to seek another strategic transaction; without viable alternatives, it could enter liquidation, leaving shareholders uncertain about receiving any remaining cash.

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