Sign up Australia
Proactive Investors - Run By Investors For Investors

Forte Energy pounces on uranium and rare earth elements portfolio in Africa

Forte Energy pounces on uranium and rare earth elements portfolio in Africa

Forte Energy (ASX: FTE, AIM: FTE) will increase its African exploration portfolio through the acquisition of an unlisted British Virgin Islands registered company known as Leo Mining and Exploration Ltd, which has interests in a portfolio of uranium and rare earth elements.

The parties are in the process of negotiating the terms of the final agreements.

Forte already holds a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa, which also have the potential for rare earth elements.

The proposed acquisition will elevate Forte to a larger scale Africa-focussed exploration and development company.

Leo Mining and Exploration assets

Leo Mining holds a 48% shareholding in Mkango, which owns 100% of two prospecting licenses covering a combined area of 1,751 square kilometres in southern Malawi.

Mkango’s most advanced stage project is the Songwe Hill rare earth project where it has defined a significant Indicated and Inferred REE Mineral Resource Estimate.

In parallel with completion of environmental studies and metallurgical test work for the Songwe project, Mkango is also undertaking regional exploration for rare earth elements and uranium in Malawi.

In April this year Mkango closed an oversubscribed C$2.3 million private placement.

Proposed acquisition details

It is anticipated that the proposed acquisition will be effected through a statutory merger under British Virgin Islands law pursuant to which Forte shall issue and allot to Leo Mining shareholders a total of 95% of the company’s issued share capital (equivalent to approximately 860 million ordinary shares in the capital of Forte), as consideration for 100% of the issued share capital of Leo Mining.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Register here to be notified of future PROAC Company articles
View full PROAC profile

Proactiveinvestors Timeline

November 23 2016
November 23 2016

Related Articles

learning symbol on a keyboard
January 17 2017
The English language learning specialist is confident it can kick on in the coming year
February 21 2017
One particular development of note is Cello Pulsar, a social media analytics tool that has, according to the experts, the potential to be a real winner.
Digital marketing
March 28 2017
Michael Karg, Ebiquity’s CEO, said:“We have already made good progress with our growth acceleration plan, which will replicate our service offering across key territories, further strengthening our ability to service global clients.”

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use