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Forte Energy NL Announces Update On Proposed Acquisition Of Leo Mining And Exploration Ltd; Proposes Placing

Monday, 16 Sep 2013 01:58am EDT 

Forte Energy NL announced that the proposed acquisition of Leo Mining and Exploration (Leominex) (the acquisition) will not proceed because the parties could not agree on certain proposed material amendments to the agreed terms including the withdrawal by Leominex of some of the assets. Forte Energy does not believe that going ahead with the acquisition is in the best interests of the Company and its shareholders as a whole. The second tranche of the share placing announced on August 15 was subject to shareholder approval and, inter alia, on the acquisition. The Company announced that despite the decision not to continue with the acquisition, the Company has retained investor commitments to raise approximately GBP0.75 million. The placing will comprise the issue of up to 187.5 million ordinary shares at 0.4 pence (approximately 0.7 cents) per share to new and existing institutional shareholders and sophisticated investors in the United Kingdom, North America, Asia and Australia. It is expected a Notice of Meeting will be posted to shareholders next week and the GM held on or around October 21, 2013. The proceeds of the placing will be used for general working capital purposes whilst the Company pursues other acquisitions with a view to driving shareholder value. Application will be made for all the Placing Shares to be admitted to trading on both ASX and AIM and it is anticipated that the placing shares will be admitted to trading on AIM on or around October 22, 2013. 

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