forte banks $12 million

http://www.proactiveinvestors.com.au/companies/news/2045/forte-energy-banks-12-million-in-rising-tide-of-investor-interest-in-uranium-2045.html

Wednesday, July 22, 2009

Forte Energy banks $12 million in rising tide of investor interest in uranium


Due to high investor demand, Forte Energy (ASX/AIM: FTE) has increased the amount raised in a placement by 20% to $12 million.

A total of 120 million shares were issued at 10 cents each to sophisticated investors in North America, the United Kingdom and Australia.

Funds raised through the placement will be used to progress Forte's high quality portfolio of West African uranium projects.

Major activities include:

- Resource drilling programmes and pre-feasibility studies at the Company’s Bir En Nar uranium prospect in Mauritania;
- Further exploration and pre-feasibility studies at the Firawa Uranium Project in Guinea, for which an initial JORC Code-compliant resource statement was recently announced;
- Additional exploration and drilling programmes will target several prospective uranium anomalies identified within the Company’s other Exploration Licences near Bir Moghrein, in Mauritania and in Guinea