Fort Technology Raises $20 Million for US Expansion

Fort Technology Inc. entered into securities purchase agreements with two institutional investors to issue unsecured convertible promissory notes totaling up to $20 million. The financing will be released in tranches, beginning with an initial $2.2 million, with subsequent quarterly disbursements at the company's discretion.

The notes carry an 8% annual interest rate and mature 28 months after issuance. The company intends to use the proceeds for general working capital and to support the operations of its majority-owned subsidiary, Logia USA Inc.

Logia USA Inc. focuses on providing fuel integrity solutions for data centers and other mission-critical facilities within the United States. This financing supports the subsidiary's operational growth in the American market.