Forte Energy NL Variation to Convertible Note
May 13 2016 - 6:28AM
UK Regulatory
TIDMFTE
Variation to Convertible Note
Forte Energy NL
ACN 009 087 852
AIM Release
13 May 2016
Variation to Convertible Note
Forte Energy NL ("Forte" or "the Company") (AIM: FTE), advises that the transaction funding agreement
announced on 19 February 2016 with DJ Family Trust ("DJFT") has been varied to increase the principle
available to GBP600,000.
Further, DJFT has agreed to Forte entering into an agreement on the same terms for the amount of GBP300,000
with an unrelated party, Capresi Consolidated Limited ("Capresi"), a private wealth fund managed out of
London. DJFT has also transferred convertible loan notes for GBP75,000 which had previously been drawn down
by the Company to Capresi.
As a result, Forte now has in place a GBP600,000 convertible note facility with DJFT and a GBP300,000
convertible note facility with Capresi. The two facilities are on same terms, being:
* Maturity date: 2 years from date of issue;
* Interest: interest will be charged at 30% per annum if the loan is repaid to the lender, however
no interest will apply should the lender elect to convert the loan amount, and
* Conversion price: the lender may elect to convert all or part of the loan at 70% of an average
weighted market price calculated from selected trading days during the 5 trading days prior
conversion.
* Conversion rate of GBP0.51 for each AUD$1.00 for Loan drawdowns only.
To date Forte has:
* drawn down a total of GBP100,000 from DJFT, leaving a balance of GBP500,000 available for drawdowns
under that facility; and
* drawn down a total of GBP75,000 from Capresi, leaving a balance of GBP225,000 available for drawdowns
under that facility.
These facilities will be employed to fund the costs of the readmission process and to provide working
capital.
The Company is progressing well with its advisors to finalise an AIM admission document and notice of
meeting for shareholders in respect of the proposed reverse takeover by BOS GLOBAL Limited ("BGL"). It is
also expected that the audit of the Company's half year financial accounts will be completed shortly.
BGL is an unlisted Australian public company focused on the aggregation of cloud technology investments
targeting banks, financial institutions, insurers and professional consulting organisations. BGL has
extensive FinTech experience with its established network of professional investment, enterprise sales,
product marketing, product design, software development and support capabilities worldwide. BGL has
publicly stated its objective to be a listed organisation in UK, Australia and United States over the
coming five years. This transaction is the first step to achieving its stated goals for shareholders. For
further corporate information about BGL visit www.bosglobal.biz .
For further information contact:
Mark Reilly, Managing Director
Forte Energy NL Tel: +61 (0) 8 9322 4071
Oliver Morse
RFC Ambrian Ltd Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)
Forte Energy NL
Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au
Forte Energy NL
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May 13, 2016 06:28 ET (10:28 GMT)
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