MAJOR FUNDING INJECTION TO PROGRESS WEST AFRICAN URANIUM PORTFOLIO
- Forte to raise A$10M through the issue of 100 million ordinary shares at 10 cents per share to sophisticated institutional investors
- Funds raised to be used to progress highly prospective West African uranium projects and ongoing project generation activities
- Preparation of initial JORC Code-compliant resource for the Firawa Uranium Project in Guinea now underway ~ expected to be finalised within 3-4 weeks
International uranium company Forte Energy NL (FTE) is pleased to advise that it has reached in-principle agreements with Blackwood Capital and StoneBridge Group to raise A$10 million through the issue of 100 million ordinary shares at an issue price of 10 cents per share to sophisticated institutional clients, from North America, the United Kingdom and Australia.
The funds raised through the placement will primarily be used by Forte Energy to progress its high quality portfolio of West African uranium projects, including:
- Resource drilling programmes and pre-feasibility studies at the Company’s Bir En Nar uranium prospect in Mauritania;
- Further exploration and pre-feasibility studies at the Firawa Uranium Project in Guinea, for which an initial JORC Code-compliant resource statement is expected to be announced shortly;
- Further exploration and drilling programmes targeting several prospective uranium anomalies identified within the Company’s other Exploration Licences near Bir Moghrein, in Mauritania and in Guinea; and
Commenting on the strong level of support for the placement, Mark Reilly, Managing Director of Forte Energy, said: “In the current difficult financial climate, we are delighted to have secured a strong financial platform from which the Company can aggressively progress its existing projects and its ongoing appraisal of new projects.”
In a separate announcement released today, the Company advised that it has engaged leading mining consultants Coffey Mining to prepare an initial JORC Code-compliant resource estimate for the Firawa Uranium Project. The maiden Resource is expected to be announced within four weeks.