To continue using FE Trustnet please choose an edition:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies on the website and how to delete cookies, see our Privacy and Cookie Policy.

I accept the FE Trustnet cookie policy

For more information Click here

Login

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Forte Energy NL (FTE)

Forte Energy NL

Update on Corporate Negotiations


                                                                                           Forte Energy NL

                                                                                           ACN 009 087 852

                                                                                       ASX and AIM Release
                                                                                              1 March 2013

Update on corporate negotiations

Forte  Energy  NL  ("Forte  Energy" or "the Company") (ASX/AIM: FTE), the  emerging  international  uranium
company  focused  on the exploration and development of uranium assets in West Africa, announces  that  the
negotiations on prospective corporate transactions that have been in process throughout the past few  weeks
have  not resulted in the agreement of suitable terms for the Company at present. The trading of its  stock
in  Australia  has  been suspended since 1 February 2013 pending the release of the quarterly  reports  and
while these discussions have been taking place.

The  Company is continuing to assess alternative opportunities, and will update the market if and when  any
developments occur.

As  a  result  of  the cessation of discussions on the above mentioned transaction, and having  lodged  its
quarterly  reports,  the Company has requested that trading of its stock resume on the  ASX  following  the
release of this announcement.

In  the  meantime the Company is pleased to announce that it has raised gross proceeds of £587,177,  before
expenses,  under its £10 million Equity Financing Facility ("EFF") with Darwin Strategic, a majority  owned
subsidiary of Henderson Volantis Capital.

Under the terms of the EFF agreement, the company has raised £587,177 by way of the issue of 29,250,000 new
ordinary  shares to Darwin Strategic.  The new ordinary shares will be issued at a price of 2.01p (A$  2.98
cents)  per  share and will rank pari passu in all respects with existing ordinary shares in Forte  Energy.
The funds will be used to accelerate exploration targets on its existing assets.

The draw down on the EFF is the first undertaken by the company and the gross price per share represents  a
premium  of  13%  to  the  closing  price per ordinary share on the 28th  of  February,  being  the  latest
practicable date prior to this announcement.

Forte Energy
Mark Reilly, Managing Director
Tel: +44 (0) 203 3849555

finnCap (Broker)
Geoff Nash/Ben Thompson
Tel: +44 (0) 20 7220 0500

RFC Ambrian Ltd (AIM Nominated Adviser to the Company)
Stuart Laing
Tel: +61 (0) 8 9480 2506

Darwin Strategic Limited
Anand Sambasivan / Jamie Vickers
Tel: +44 (0) 20 7938 5754

Buchanan
Bobby Morse/Louise Hadcocks/Cornelia Browne
Tel: +44 (0) 207 466 5000

Forte Energy NL

Australia                                             United Kingdom

Suite 3, Level 3                                      3C Princes House
1292 Hay Street                                       38 Jermyn Street
West Perth WA 6005                                    London SW1Y6DN
Ph: +61 (0)8 9322 4071                                Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073                               Fax: +44 (0)207 2878387
Email: info@forteenergy.com.au                        Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au

About Forte Energy

Forte  Energy is an Australian-based minerals company focused on the exploration and development of uranium
and  associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive  pipeline
of assets and total JORC resources of 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm cut-off).

Its  flagship  assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs  U3O8)  in
Mauritania, and the Firawa Project in Guinea (19.5Mlb U3O8).

Forte Energy U3O8 JORC resources (all at a 100ppm cut-off):

Project            Resource Category        M tonnes         ppm U3O8         Contained U3O8 Mlbs

A238*                         Inferred             45.2              235                          23.4
Bir En Nar                   Indicated              0.5              886                           1.0
                              Inferred              0.8              575                           1.0
Firawa                        Inferred             30.3              295                          19.5
Total                        Indicated              0.5              886                           1.0
                              Inferred             76.3              262                          43.9
                                 Total             76.8              266                          44.9
        * A238NW Anomaly included in the A238 Inferred Resources

Forte  Energy's  strategy is to target high grade uranium ore bodies and build a  low  cost  West  African-
focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM  market
of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au

Note:

The  information in this report that relates to Exploration Results is based on information compiled by Mr.
Bosse  Gustafsson,  who  is  a  Member  of the European Federation of Geologists,  a  'Recognised  Overseas
Professional  Organisation'  ('ROPO') included in a list promulgated by the  ASX  from  time  to  time.  Mr
Gustafsson is a former Technical Director of Forte Energy NL. He has an ongoing role as a consultant to the
Company. Mr. Gustafsson has sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person
as  defined  in  the 2004 Edition of the 'Australasian Code for Reporting of Exploration  Results,  Mineral
Resources  and Ore Reserves'. Mr. Gustafsson consents to the inclusion in this report of the matters  based
on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources at the A238 prospect in Mauritania and
at  Firawa  in Guinea is based on information compiled by Mr. Bosse Gustafsson of Forte Energy  NL  and  Mr
Galen White BSc (Hons) FGS, FAUSIMM, Managing Director and Principal Geologist of CSA Global (UK) ltd.

The information in this report that relates to the Mineral Resource at Bir En Nar in Mauritania is based on
information  compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Neil Inwood of Coffey Mining  Ltd.
Neil  Inwood is the Competent Person responsible for the resource estimation and classification. Mr  Inwood
is  a  Fellow  of  the AusIMM. As Mr Inwood is now no longer employed by Coffey Mining, Coffey  Mining  has
reviewed  this  information  release  and  consent to the inclusion,  form  and  context  of  the  relevant
information  herein  as  derived  from the original resource reports for  which  Mr  Inwood's  consent  has
previously been given.

Mr.  Gustafsson,  Mr. Inwood and Mr. White have sufficient experience which is relevant  to  the  style  of
mineralisation  and type of deposit under consideration and to the activity which they have  undertaken  to
qualify  as  a  Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting  of
Exploration  Results, Mineral Resources and Ore Reserves". Mr. Gustafsson, Mr. White and Coffey  Mining  on
behalf  of Mr. Inwood consent to the inclusion in this report of the matters based on their information  in
the form and context in which it appears.

Forte Energy NL