Forte Energy NL
LSE : FTE

August 08, 2013 02:00 ET

Issue of Equity

                                                                                        Forte Energy NL
                                                                                                       
                                                                                           AIM Release

8 August 2013



                              SHARE ISSUE FOR DUTCHESS CONVERSION NOTICE.


Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) announces that it has issued 9,750,000
fully paid ordinary shares to Dutchess Opportunity Cayman Fund, Ltd ("Dutchess"). The shares have  been
issued  following the receipt of a conversion notice from Dutchess in accordance with the terms of  the
US$1,000,000 loan facility that was announced on 6 June 2013 ("Dutchess Loan Facility").

Under the terms of the Dutchess Loan Facility, Dutchess may elect to convert 133% of all or part of the
outstanding  drawndown amount (plus accrued interest) into fully paid ordinary shares at  a  price  per
share  equal  to  75% of the volume-weighted average market price for the 15 trading  days  immediately
preceding  the  conversion date. Interest accrues on all drawdown amounts at a rate of  8%  per  annum,
capitalised annually.

The shares were issued at 0.86 Australian cents (0.51 pence) each for the exercise of conversion rights
in  respect of US$56,366 of the total drawndown amount (US$600,000). Following the conversion, there is
an outstanding drawndown amount of US$279,422.

Forte  Energy has the right at any time prior to the maturity date to repay the drawndown amount  under
the  Dutchess Loan Facility (together with interest accrued thereon) at a price equal to  107%  of  the
outstanding drawndown amount and accrued interest.

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 August 2013.





For further information contact:

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

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)
finnCap


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: info@forteenergy.com.au           Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au
ACN: 009 087 852

Contact Information

  • Forte Energy NL