Forte Energy (ASX:FTE, LON:FTE) has raised £550,000 (A$1,046,209.52) through a convertible loan note issue.
The two-year bonds have been issued to City finance firm Darwin Strategic, which has the option to convert all or part of the loan into Forte shares.
The conversion price will either be 0.396p per share - an 80% premium to last night's closing price - or 90% of an average weighted market price calculated during the 20 days prior to conversion, whichever is the lower.
Forte will also issue to Darwin, subject to shareholder approval, 50,000,000 options at a price of 0.275p per share valid for five years.
The funds will be used as working capital to advance the company's suite of uranium development assets in Africa and Slovakia including the Kuriskova joint venture in Slovakia.
