European Uranium Resources has signed a binding heads of agreement with Forte Energy to sell Kuriskova and Novoveska Huta, Slovakia uranium projects.
Under the terms of the agreement, 854,875,000 fully paid ordinary shares will be issued by Forte with an approximate value of $7,000,000, to European Uranium.
In addition to issuing 61,062,500 fully paid shares to European Uranium with an approximate value of $500,000, Forte will pay the $1m on closing and will grant a 1% production royalty over the Kuriskova and Novoveska Huta uranium licenses in perpetuity.
European Uranium plans to investigate mineral projects to option or acquire in multiple commodities in the general European area.
Upon the completion the transaction, subject to regulatory approval, the European Uranium will implement its business plan with its initial funding.