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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Forte Energy | LSE:FTE | London | Ordinary Share | AU000000FTE4 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0029 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFTE Forte Energy announces A$10M Capital Raising FORTE ENERGY NL ACN 009 087 852 ASX CODE: FTE, AIM CODE: FTE, Telephone: +618 9322 4071, Fax: +618 9322 4073 ASX, AIM and Media Release 1 June 2009 FORTE ANNOUNCES A$10M CAPITAL RAISING MAJOR FUNDING INJECTION TO PROGRESS WEST AFRICAN URANIUM PORTFOLIO HIGHLIGHTS * Forte to raise A$10M through the issue of 100 million ordinary shares at 10 cents per share to sophisticated institutional clients. * Funds raised to be used to progress highly prospective West African uranium projects and ongoing project generation activities. * Preparation of initial JORC Code-compliant resource for the Firawa Uranium Project in Guinea now underway expected to be finalised within 3-4 weeks. International uranium company Forte Energy NL ("Forte Energy" or "The Company") (ASX: FTE, AIM: FTE) is pleased to advise that it has reached in-principle agreements with Blackwood Capital and StoneBridge Group to raise A$10 million through the issue of 100 million ordinary shares at an issue price of 10 cents per share to sophisticated institutional clients, from North America, the United Kingdom and Australia. The funds raised through the placement will primarily be used by Forte Energy to progress its high quality portfolio of West African uranium projects, including: * resource drilling programmes and pre-feasibility studies at the Company's Bir En Nar uranium prospect in Mauritania; * further exploration and pre-feasibility studies at the Firawa Uranium Project in Guinea, for which an initial JORC Code-compliant resource statement is expected to be announced shortly; * further exploration and drilling programmes targeting several prospective uranium anomalies identified within the Company's other Exploration Licences near Bir Moghrein, in Mauritania and in Guinea; and * ongoing investigation and targeting of other resource opportunities in Australia and internationally. The share issue is being undertaken in two tranches. The first tranche, comprising 66,698,704 shares at A$0.10 per share, will be placed pursuant to the Company's 15% placement authority and is to be issued within 7 days. The second tranche, of 33,301,296 shares at A$0.10 per share, is to be placed subject to Shareholder approval at a general meeting of Shareholders. In this regard, a Notice of Meeting (NOM) will be forwarded to Shareholders shortly. Application will also be made to the AIM market of the London Stock Exchange ('AIM') for admission to trading of these ordinary shares. Commenting on the strong level of support for the placement, Mark Reilly, Managing Director of Forte Energy, said: "In the current difficult financial climate, we are delighted to have secured a strong financial platform from which the Company can aggressively progress its existing projects and its ongoing appraisal of new projects." In a separate announcement released today, the Company advised that it has engaged leading mining consultants Coffey Mining to prepare an initial JORC Code-compliant resource estimate for the Firawa Uranium Project. The maiden Resource is expected to be announced within four weeks. Please call Mark Reilly with any queries. Mark Reilly Managing Director Forte Energy's Nominated Advisor for the AIM market is RFC Corporate Finance Ltd. Contact: Stuart Laing, Ph: +618 9480 2506 Conduit PR Jos Simson/Ed Portman +44 (0) 207 429 6603 About Forte Energy Forte Energy is an emerging international uranium company focused on the exploration and development of a high-quality portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa. These assets have the potential to develop as long-life uranium production projects, representing a significant new strategic source of uranium supply for world markets. Forte is progressing its Mauritanian assets through a Strategic Alliance and Cooperation Agreement with the French-based multinational industrial and nuclear energy giant, Areva NC, a global expert in nuclear energy. Areva also holds a strategic 15% equity interest in Forte Energy. Under this agreement, Forte Energy has access to Areva's extensive uranium exploration database in Mauritania as well as technical cooperation and on-ground support from Areva in advancing the exploration and evaluation, in particular of the rapidly emerging Bir En Nar Uranium Project, located in the Zednes region of northern Mauritania. Forte Energy and Areva have agreed to establish a joint venture to develop the Company's Mauritanian assets if a minimum 60-80 million pounds of JORC Code compliant inferred uranium resources are established within the next two years. Forte Energy's growth strategy in the international uranium industry is being driven by an accomplished Board and management team focused on maximising shareholder value and returns. Forte Energy NL
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