Forte Energy (ASX:FTE, LON:FTE) will likely reveal details of an acquisition after it moves out of a trading halt.
The halt will remain in force until Wednesday 10 July or when an announcement is made.
In the March quarter, Forte entered into a £10 million equity financing facility with Darwin Strategic Limited, a majority owned subsidiary of Henderson Global Investors’ Volantis Capital.
Forte flagged it was on the prowl for acquisitions in the previous quarter.
Forte has 44.9 million pounds in contained uranium resources at an average grade of 266ppm at its uranium projects in Mauritania and Guinea in West Africa.
Flagship assets are the A238 prospect (23.4Mlbs U₃O₈) and the Bir En Nar project (2.06Mlbs U₃O₈) in Mauritania, and the Firawa Project in Guinea (19.5Mlb U₃O₈).
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