FORTE ENERGY SIGNS JOINT VENTURE WITH EUROPEAN URANIUM RESOURCES ON SLOVAK URANIUM PROPERTIES _________________________________________________________________________
Forte Energy NL ("Forte" or "the Company") (ASX/AIM: FTE) announced on 16 June 2014 that it had entered into a binding letter of intent (the "LOI") with European Uranium Resources Ltd ("EUU") (TSXV: EUU) whereby Forte will earn a 50% interest in EUU's Slovakian uranium projects. The interest will be held through ownership of 50% of EUU's currently wholly-owned Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects.
Forte is pleased to announce that the parties have now executed a definitive Joint Venture agreement on 31 July 2014 to replace the LOI and have mutually agreed to extend the deadline for payment of CAD$475,000 by Forte to EUU to 14 August 2014, rather than 31 July 2014. Forte must sole fund a minimum of CAD$350,000 a year on the Ludovika entities over the next ten years with the first year's expenditure of CAD$350,000 being an obligation.
however if they did pay they get nothing anyhow until the licence is clarified. If management had common sense they would apply a simple extension payment will be made once licence clarified and last from 12 months from that point.
Friday or Monday RNS expected. The next EUU payment is due Friday. I would assume this payment to be withheld until the licence situation is clarified. The payment is suppose to pay for the Exploration expenditure for the next 12 months starting 31/07/2015 which is currently to be clarified. During fiscal 2015, Forte has incurred and wholly-funded total expenditures in the Slovak Subsidiaries of $172,168, including exploration and evaluation expenditures of $104,011. Since signing the Agreement, and as at March 31, 2015, Forte has funded a total of $292,923 towards the first year minimum work commitment of $350,000.
we were all expecting an update on the REE application weeks ago....we were told that the ministry requested further clarification on the application. surely if the ministry was going to refuse then they would have done so early doors. instead they asked for clarification on, what we can only assume was some finer point(s) contained in the application. Then we all panicked cos the Slovakian press were stating it had been refused. i contacted FTE and had an email from the comp sec stating `they would not comment on press articles and the market would be updated in due course`. that email was 3 weeks ago. in my view we will have an update either tomorrow or monday. don't ask me why i think this, i just have a feeling in my water....then again, cystitis does run in my family....come on, will someone else hazard a guess...?
Aim is a disaster waiting to happen. I am not talking to you about FTE specifically, but in this game sell on a spike or get caught out holding while placings happen. Like you say your portfolio isn't doing fantastically. Unfortunately you can only learn this through experience but while 5% of people make 2-3 their money on the odd share, 60% will lose more than half.
Still watching but it looks like all the cheap shares have gone as the latest trade was a blue meaning that it must have been struck around the offer, who knows maybe I have missed my chance today sadly though there is always tomorrow for FTE to cock things up LOL
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