News: Forte Energy agrees farm-in to replace acquisition of Slovakia assets

Forte Energy (ASX:FTE, LON:FTE) has agreed a farm-in deal for 50% of the Slovak projects owned by European Uranium Resources.

The agreement replaces an all share deal that would have seen Forte acquire all of the assets for C$8.5mln

The companies have now signed a binding letter of intent that will see Forte take half-ownership of the Kuriskova and Novoveska Huta uranium projects by spending a total C$4mln over 10 years.

The new agreement requires Forte to spend C$25,000 by the end of this month, a further C$475,000 by end July and C$350,000 a year for the next ten years.

Mark Reilly, Forte’s managing director, said: "Forte looks  forward  to working closely with European Uranium in a long term relationship  to  advance these  exciting  Slovakian  uranium  assets.

"I believe the terms of the revised agreement provides  an improved outcome for the shareholders of both companies."