Forte Energy NL

May 09, 2014 02:00 ET

Share Purchase Agreement Signed with European Uranium Resources

                                                                                         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

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