Forte Energy NL Variation to Convertible Note

 
TIDMFTE 
 
Variation to Convertible Note 
                                                                                           Forte Energy NL 
                                                                                           ACN 009 087 852 
 
                                                                                               AIM Release 
                                                                                               13 May 2016 
 
Variation to Convertible Note 
 
Forte  Energy  NL  ("Forte"  or "the Company") (AIM: FTE), advises that the transaction  funding  agreement 
announced  on  19  February 2016 with DJ Family Trust ("DJFT") has been varied to  increase  the  principle 
available to GBP600,000. 
 
Further,  DJFT has agreed to Forte entering into an agreement on the same terms for the amount of  GBP300,000 
with  an  unrelated party, Capresi Consolidated Limited ("Capresi"), a private wealth fund managed  out  of 
London.  DJFT has also transferred convertible loan notes for GBP75,000 which had previously been drawn  down 
by the Company to Capresi. 
 
As  a  result,  Forte  now  has in place a GBP600,000 convertible note facility  with  DJFT  and  a  GBP300,000 
convertible note facility with Capresi. The two facilities are on same terms, being: 
    *       Maturity date: 2 years from date of issue; 
    *       Interest: interest will be charged at 30% per annum if the loan is repaid to the lender, however 
            no interest will apply should the lender elect to convert the loan amount, and 
    *       Conversion price: the lender may elect to convert all or part of the loan at 70% of an average 
            weighted market price calculated from selected trading days during the 5 trading days prior 
            conversion. 
    *       Conversion rate of GBP0.51 for each AUD$1.00 for Loan drawdowns only. 
 
To date Forte has: 
    *       drawn down a total of GBP100,000 from DJFT, leaving a balance of GBP500,000 available for drawdowns 
            under that facility; and 
    *       drawn down a total of GBP75,000 from Capresi, leaving a balance of GBP225,000 available for drawdowns 
            under that facility. 
 
These  facilities  will  be employed to fund the costs of the readmission process and to provide working 
capital. 
 
The  Company  is  progressing well with its advisors to finalise an AIM admission document  and  notice  of 
meeting for shareholders in respect of the proposed reverse takeover by BOS GLOBAL Limited ("BGL").  It  is 
also expected that the audit of the Company's half year financial accounts will be completed shortly. 
 
BGL  is  an  unlisted Australian public company focused on the aggregation of cloud technology  investments 
targeting  banks,  financial  institutions, insurers and professional  consulting  organisations.  BGL  has 
extensive  FinTech  experience with its established network of professional investment,  enterprise  sales, 
product  marketing,  product  design,  software development and support  capabilities  worldwide.  BGL  has 
publicly  stated  its  objective to be a listed organisation in UK, Australia and United  States  over  the 
coming  five years. This transaction is the first step to achieving its stated goals for shareholders.  For 
further corporate information about BGL visit www.bosglobal.biz . 
 
For further information contact: 
 
Mark Reilly, Managing Director 
Forte Energy NL                          Tel: [phone] 
 
Oliver Morse 
RFC Ambrian Ltd                          Tel: [phone] 
(AIM Nominated Adviser to the Company) 
 
 
Forte Energy NL 
 
Suite 3, Level 3 
1292 Hay Street 
West Perth WA 6005 
Ph: [phone] 
Fax: [phone] 
Email: [e-mail] 
Web: www.forteenergy.com.au 
 
 
Forte Energy NL 
 

(END) Dow Jones Newswires

May 13, 2016 06:28 ET (10:28 GMT)