Forte Energy to snap up European Uranium Resources assets Monday, April 07, 2014 by Proactive Investors [...] Forte Energy has entered into a binding term sheet for the acquisition of the uranium assets of European Uranium Resources. Forte Energy has entered into a binding term sheet for the acquisition of the uranium assets of European Uranium Resources. Forte Energy (ASX: FTE, AIM: FTE) has entered into a binding term sheet for the acquisition of the uranium assets of European Uranium Resources.
European Uranium is listed on the TSVX and has interests in a portfolio of uranium assets in Slovakia which complement Forte’s existing projects.
The acquisition will add significant uranium assets to Forte’s development portfolio, with about 39.7 square kilometres of mineral licences in Slovakia, including the Kuriskova Project.
The resources to be gained by Forte comprise 11.7 million tonnes at 2,141 ppm uranium for 57.6 million pounds, at 500 to 600 ppm cutoff, and 76.8 million tonnes at 266 ppm uranium for 44.9 million pounds.
Consideration is the issue of 854,875,000 Forte shares at $0.008, with an approximate value of CAD$ 7 million, to the shareholders of European Uranium, and 61,062,500 shares $0.008 worth about CAD$500,000.
Forte will also pay CAD$1 million to European Uranium upon completion; and will grant European Uranium a 1% production royalty over the licences in perpetuity.
The total sale price sale price is equivalent to around CAD$ 8.5 million.
In addition, Forte will subscribe for 1,111,111 shares at CAD$0.09 in the capital of European Uranium for CAD$ 100,000, and each two shares subscribed for by Forte shall be issued with a warrant having a two year term and a strike price of CAD$ 0.15.
Forte will be transformed into a diversified, larger scale, globally focused exploration and development company with a well balanced portfolio of uranium assets.
so you dont actually believe FTE are going to fail you just want to trade them. You are trying to encourage investors to sell so you can buy in at a lower price. You are also trying to discourage new investors by doing the same.
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