Forte Energy shares plummet as deal talks end

1st Mar 2013 12:40

Forte Energy shares plunged more than 23 per cent Friday as the uranium company said it ended negotiations over a deal it had failed to agree terms on.The AIM-listed firm, focused on West Africa assets, said it was continuing to assess alternative opportunities and will update the market accordingly.The trading of its stock in Australia has been suspended since February 1st while the discussions took place. The company has requested that trading of its stock resume on the ASX now talks have ended and it has lodged its quarterly results.In the meantime the company announced that it has raised gross proceeds of £0.58m, before expenses, under its £10m equity financing facility with Darwin Strategic, a majority owned subsidiary of Henderson Volantis Capital. The funds will be used to accelerate exploration targets on its existing assets.RD