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Forte Energy NL Announces Proposed Acquisition Of Leo Mining And Exploration Ltd

Thursday, 11 Jul 2013 02:27am EDT 

Forte Energy NL announced that it has entered into a non- binding term sheet for the proposed acquisition (the Proposed Acquisition), of Leo Mining and Exploration Limited (Leominex). Leominex is an unlisted British Virgin Islands (BVI) registered company which has interests in a portfolio of uranium and rare earth elements (REE) assets in Africa which complement Forte Energy's existing projects. The Proposed Acquisition is expected to create a diversified, larger scale Africa-focussed exploration and development company with a well-balanced portfolio of uranium and REE assets, both of which feature in Forte Energy's existing portfolio. It is anticipated that the Proposed Acquisition will be effected through a statutory merger under BVI law pursuant to which Forte Energy shall issue and allot to Leominex shareholders a total of 95% of the Company's issued share capital (equivalent to approximately 860 million ordinary shares in the capital of Forte Energy at the date of this announcement), as consideration for 100% of the issued share capital of Leominex. The completion of final binding documentation (the Final Agreements), including a merger implementation agreement, voting undertakings from major shareholders of Leominex and a relationship agreement among Forte Energy, Leominex and Mkango Resources Ltd. (Mkango), a Canadian company listed on the TSX-Venture exchange in which Leominex holds an equity interest of approximately 48%. 

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