Forte Energy NL
AIM : FTE

May 13, 2016 06:28 ET

Variation to Convertible Note

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                                          
                                                                                               AIM Release
                                                                                               13 May 2016

Variation to Convertible Note

Forte  Energy  NL  ("Forte"  or "the Company") (AIM: FTE), advises that the transaction  funding  agreement
announced  on  19  February 2016 with DJ Family Trust ("DJFT") has been varied to  increase  the  principle
available to £600,000.

Further,  DJFT has agreed to Forte entering into an agreement on the same terms for the amount of  £300,000
with  an  unrelated party, Capresi Consolidated Limited ("Capresi"), a private wealth fund managed  out  of
London.  DJFT has also transferred convertible loan notes for £75,000 which had previously been drawn  down
by the Company to Capresi.

As  a  result,  Forte  now  has in place a £600,000 convertible note facility  with  DJFT  and  a  £300,000
convertible note facility with Capresi. The two facilities are on same terms, being:
    *       Maturity date: 2 years from date of issue;
    *       Interest: interest will be charged at 30% per annum if the loan is repaid to the lender, however
            no interest will apply should the lender elect to convert the loan amount, and
    *       Conversion price: the lender may elect to convert all or part of the loan at 70% of an average
            weighted market price calculated from selected trading days during the 5 trading days prior 
            conversion.
    *       Conversion rate of £0.51 for each AUD$1.00 for Loan drawdowns only.

To date Forte has:
    *       drawn down a total of £100,000 from DJFT, leaving a balance of £500,000 available for drawdowns
            under that facility; and
    *       drawn down a total of £75,000 from Capresi, leaving a balance of £225,000 available for drawdowns
            under that facility.

These  facilities  will  be employed to fund the costs of the readmission process and to provide working
capital.

The  Company  is  progressing well with its advisors to finalise an AIM admission document  and  notice  of
meeting for shareholders in respect of the proposed reverse takeover by BOS GLOBAL Limited ("BGL").  It  is
also expected that the audit of the Company's half year financial accounts will be completed shortly.

BGL  is  an  unlisted Australian public company focused on the aggregation of cloud technology  investments
targeting  banks,  financial  institutions, insurers and professional  consulting  organisations.  BGL  has
extensive  FinTech  experience with its established network of professional investment,  enterprise  sales,
product  marketing,  product  design,  software development and support  capabilities  worldwide.  BGL  has
publicly  stated  its  objective to be a listed organisation in UK, Australia and United  States  over  the
coming  five years. This transaction is the first step to achieving its stated goals for shareholders.  For
further corporate information about BGL visit www.bosglobal.biz .

For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(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
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au

Contact Information

  • Forte Energy NL