Forte Energy (ASX:FTE, LON:FTE) is raising just shy of A$1.65 million (£1mln) through an issue of shares to investors.
The company is to issue 296mln new shares priced at 0.31p (0.56 Australian cents). Subscribing investors will also receive share options that can be exercised at 0.5p (0.89 cents) for a period of two years.
It comes after shareholders approved the company’s fundraising capacity at the end of July.
Forte said it still has the capacity, after this funding, to issue a further 304mln new shares and 152mln options.
The new cash injection is expected to support the company as it pursues a new opportunity in Slovakia.
Last month it signed a letter of intent to partner with Toronto listed European Uranium Resources (CVE:EUU) which will see Forte acquire up to 50% of the new partners projects.
