FTE.L Share News (FTE)

Forte Energy is set to acquire the uranium assets of European Uranium Resources (EUR), creating a diversified, larger scale globally focused exploration and development company. The sale price is equivalent to C$8.5m, in addition to which Forte will subscribe for 1.11m shares of EUR for a total of C$0.1m. EUR will also be granted a 1% production royalty over the licences. Forte said the transaction would add 'significant' assets to its development portfolio. EUR has two project areas in Slovakia, namely Kuriskova and Novoveska Huta, of which Kuriskova is the most advanced. The projects cover an area of around 39.7 square kilometres. Managing Director of Forte, Mark Reilly, said: "The acquisition [...] creates a uranium explorer and developer with not only an enhanced portfolio of project interests but also the technical expertise and financial strength to advance its assets towards production. In addition, the combined business will benefit from deeper technical expertise and a board with experience in developing and building numerous projects."Europe is the world's largest per capita consumer of uranium and through this acquisition Forte will be well-positioned to take advantage of this in its pursuit to grow and become a premier African and European uranium company."NR