May 09, 2014 02:00 ET
Forte Energy NL
9 May 2014
Share Purchase Agreement Signed with
European Uranium Resources Ltd
Forte Energy NL ("Forte" or "the Company") (ASX/AIM: FTE) is pleased to announce that a Share Purchase
Agreement ("SPA") has been executed by Forte and European Uranium Resources Ltd ("European Uranium"),
formalising the asset acquisition as announced on 4 April 2014.
The agreement relates to the acquisition of the Kuriskova and Novoveska Huta uranium projects in Slovakia
from European Uranium, which is listed on the Ventures Exchange of the Toronto Stock Exchange (as well as
on the OTCQX and Frankfurt exchanges).
The SPA is subject to regulatory approval and the approval of the shareholders of both Forte and European
Uranium. Under the terms of the SPA:
* Forte will issue 915,937,500 fully paid ordinary shares (the "Consideration Shares"),
* Forte will pay CAD$1,000,000 to European Uranium at completion; and
* Forte will grant European Uranium a 1% production royalty over the Kuriskova and Novoveska Huta
uranium licenses in perpetuity.
Under the terms of the heads of agreement announced on 4 April 2014, it was planned that 854,875,000 of
the Consideration Shares would be distributed on a pro-rata basis directly to the shareholders of
European Uranium. The SPA now contemplates that all the Consideration Shares will be issued to European
Uranium. This change was required due to restrictions that may have prevented European Uranium's Canadian
shareholders from being able to trade their shares.
The Consideration Shares will be issued to European Uranium in instalments in order to ensure European
Uranium controls less than 19.9% of Forte's voting shares to ensure compliance with s606 of the
Corporations Act. At completion an initial number of shares would be issued to European Uranium so that
they would hold 19.9% of the shares on issue. A number of vendor options would be issued to European
Uranium representing the balance of the Consideration Shares. Each option would have no expiry date and
would entitle European Uranium to acquire one additional share for no additional consideration at such
time as the option may be exercisable without exceeding the 19.9% limit.
A Notice of Meeting is being finalised to convene a meeting of Forte shareholders. It is envisaged that
the meeting will be held on or about 20 June 2014.
On 23 April 2014, Forte completed a subscription for CAD$ 100,000 for 1,111,111 shares in the capital of
European (based on a price per European Uranium share of CAD$ 0.09) with 555,555 warrants attached with a
two year term and exercise price of CAD$ 0.15.
Please refer to the announcement of 4 April 2014 for further details.
For further information contact:
Mark Reilly Geoff Nash/Ben Thompson
Managing Director Elizabeth Johnson (broking)
Forte Energy NL finnCap
Tel: +61 (0)8 9322 4071 Tel: +44 (0)207 220 0500
Bobby Morse/Gordon Poole Oliver Morse/Trinity McIntyre
Buchanan RFC Ambrian Ltd
Tel: +44 (0) 207 466 5000 (AIM Nominated Adviser to the Company)
Tel: +61 (0) 8 9480 2500
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
Forte Energy NL
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