Forte Energy NL

June 06, 2013 02:00 ET

Forte Energy Receives Financing

Forte Energy NL

6 June 2013                                                               AIM and Media Release


Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) announces that it has agreed to a two year
loan  facility of up to US$1,000,000 with Dutchess Opportunity Cayman Fund, Ltd ("Dutchess") and  that  the
initial drawdown of US$600,000 has been received.

Douglas Leighton, Managing Director at Dutchess stated: "We are pleased to work with the management team at
Forte Energy and to help them achieve their near and long term goals."

Under  the  terms  of  the  loan facility, Dutchess may elect to convert 133% of the  outstanding  drawdown
amounts  plus  the  accrued interest into fully paid ordinary shares at 75% of the volume-weighted  average
market  price for the 15 trading days immediately preceding the conversion date. Interest shall  accrue  on
all  drawdown  amounts  at  a  rate of 8% per annum, capitalised annually.    Dutchess  is  entitled  to  a
commitment  fee in respect of the loan facility and this is to be satisfied through the issue of  3,722,953
fully paid ordinary shares in the Company.

Forte  Energy  has the right at any time prior to the maturity date to repay all drawdown amounts  together
with  interest  accrued thereon at a price equal to 107% of the outstanding drawdown  amounts  and  accrued

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 12 June 2013.

The  Company  continues to explore various corporate opportunities to increase shareholder value  and  will
provide an update when appropriate.

About Forte Energy:

Forte Energy 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

About Dutchess:

Dutchess  Capital  was  founded in 1996. Since then, Dutchess has been a market  leader  and  innovator  in
providing ELFs and other unique financing structures for publicly-traded companies.

Dutchess  has  transacted over $2 billion in ELF commitments and over $200 million  in  direct  investments
globally. Dutchess has over 15 years of experience assisting companies as well as the financial wherewithal
to fund the company throughout the entire commitment.

Dutchess  sources worldwide investment opportunities, with offices in Boston, New York, Seoul  and  Beijing
and joint venture partner First Columbus in London.

For further information, visit:

For further information contact:

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

Douglas Leighton, Managing Director
Dutchess Capital                         Tel:  +1-617-301-4701

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

Geoff Nash/Ben Thompson                  Tel: +44 (0)207 220 0550
Elizabeth Johnson (broking)

Bobby Morse/Cornelia Browne/Louise Hadcocks
Buchanan                                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:           Email:
ACN: 009 087 852

Contact Information

  • Forte Energy NL