Forte Energy (ASX:FTE, LON:FTE) has agreed a farm-in deal for 50% of the Slovak projects owned by European Uranium Resources.
The agreement replaces an all share deal that would have seen Forte acquire all of the assets for C$8.5mln
The companies have now signed a binding letter of intent that will see Forte take half-ownership of the Kuriskova and Novoveska Huta uranium projects by spending a total C$4mln over 10 years.
The new agreement requires Forte to spend C$25,000 by the end of this month, a further C$475,000 by end July and C$350,000 a year for the next ten years.
Mark Reilly, Forte’s managing director, said: "Forte looks forward to working closely with European Uranium in a long term relationship to advance these exciting Slovakian uranium assets.
"I believe the terms of the revised agreement provides an improved outcome for the shareholders of both companies."
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