25 July 2016

Forte to resume in Australia

Harriet Russell

The opera house in Sydney. Photo: Dan Breckwoldt.

The opera house in Sydney. Photo: Dan Breckwoldt.

West Africa-focused Forte Energy's (LON:FTE) stock will resume trading in Australia after corporate transactions fell through.

Prospective corporate transactions were alluded to last month which prompted the suspension of the group's shares on the Australian ASX market on 1 February. At the time, the company said the shares would remain off limits until the release of appropriate quarterly reports and while discussions continued.

However, the uranium specialist has revealed today that as discussions have failed to come up with any viable transactions, the group will lift its Australian suspension. The decision to resume trading has also been taken after analysis of quarterly reports.

On an aside, Forte has also revealed it has managed to raise £587,177 under its £10 million Equity Financing  facility with Darwin Strategic, a majority owned subsidiary of Henderson Volentis Capital. The funds have been raised by the issue of 29.3 million new shares to Darwin Strategic at a price of 2.01p.

The draw upon the facility is the first by the company  and the price per share was representative of a 13 per cent premium to the closing price on 28 February.

The activity on the Australian markets is significant as this is where the group chooses to locate itself.

Shares on the London market were down 21 per cent this morning to 1.4p, valuing the company at £15.4 million.

Tags: Australia, Uranium, West Africa

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