Forte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.

The Company changed its name from Murchison United NL on 25 November 2008.

Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.

Forte Energy (LON:FTE, ASX:FTE) has issued 41mln shares to Dutchess Opportunity Cayman Fund after the fund exercised a share conversion option.

The shares were converted as per the terms of the US$1mln loan facility that was announced in June 2013, at 0.94 Australian cents (0.57p) per share.

Under the terms of that facility, Dutchess may elect to convert 133% of all or part of the outstanding amount drawn down (plus accrued interest) by Forte into shares at a price per share equal to 75% of the volume-weighted average market price for the 15 trading days immediately preceding the conversion date. Interest accrues on all draw-down amounts at a rate of 8% per annum, capitalised annually.

Following the conversion, there is an outstanding amount of US$335,788 drawn down under the terms of the facility.

Earlier this month, Forte unveiled plans to merge with Leo Mining & Exploration (Leominex), a vehicle that owns a 48% stake in Toronto-listed Mkango Resources (CVE:MKA), in an all-share deal.