Forte Energy NL

March 10, 2014 03:00 ET

Issue of Equity - Share Exchange Agreement

                                                                                          Forte Energy NL
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
    *       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)

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

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

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
A238*                         Inferred             45.2              235                          23.4
Bir En Nar                   Indicated              0.5              886                           1.0
                              Inferred              0.8              575                           1.0
Firawa                        Inferred             30.3              295                          19.5
Total                        Indicated              0.5              886                           1.0
                              Inferred             76.3              262                          43.9
                                 Total             76.8              266                          44.9

        * 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

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.

Contact Information

  • Forte Energy NL