10 March 2014
Share Exchange Agreement
Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium company focused on the exploration and development of a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa and acquisition opportunities that would complement those assets.
Forte Energy NL announces that it has entered into a Share Exchange Agreement (the
'Exchange Agreement') with Global Resources Investment Trust Plc ('GRIT'). The Board of Forte Energy believe that this transaction with GRIT, a new company recently admitted to the main market of the London Stock Exchange (the 'LSE'), founded by a group of highly successful fund managers to focus exclusively on investing in the junior mining sector, will provide the Company with an important new strategic investor and will support Forte Energy's investment policy to identify and develop uranium assets.
Under the Exchange Agreement, which became unconditional when GRIT's shares listed on Friday, 7 March 2014:
Forte Energy has agreed to exchange 170,000,000 new ordinary shares in the
Company ('Exchange Shares') at a price of 0.4 pence per Exchange Share
The board of Forte Energy has approved the allotment and issue of the Exchange Shares in consideration for the allotment to Forte Energy, following GRIT's shares listing, of 680,000 ordinary shares of £0.01 each in GRIT ('GRIT Shares') at a price of £1.0 per GRIT Share
The GRIT Shares will be subject to a six month orderly market provision
The Company will be able dispose of the GRIT Shares to raise working capital
The Exchange Shares issued to GRIT will represent approximately 12 per cent of the issued share capital of the Company as enlarged by the issue of the Exchange Shares
Application has been made for the new shares to be admitted to trading on both the ASX
and AIM. Trading in the new shares is expected to occur on AIM on or around 14 March
2014.
Mark Reilly
Managing Director
For further information contact:
Mark Reilly, Managing Director
Forte Energy NL Tel: +61 (0) 8 9322 4071
Geoff Nash/Ben Thompson Tel: +44 (0) 207 220 0500
Elizabeth Johnson (broking)
finnCap
Stuart Laing
RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506 (AIM Nominated Adviser to the Company)
Forte Energy NL
Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: [email protected]
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
|
* 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 the reporting of Mineral Resources is based on information compiled by Mr. Galen White, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr White is the Principal Geologist of CSA Global (UK) Ltd. CSA Global have an on-going role as geological consultants to Forte Energy NL. Mr. White 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'. The total JORC resources tabulated here are as at 6th of July
2012. There has been no change, material or otherwise to the resource figures quoted here, since this date, and as such the resources remain reportable to JORC 2004 under which they were estimated. Any
subsequent reporting of Exploration Results, Mineral Resources and Mineral Reserves to the market that
represent a material change will be reported under JORC 2012, currently in force. Mr. White consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.