Uranium explorer Forte Energy (LON:FTE, ASX:FTE) has amended its option-to-purchase agreement with ASX-listedElementos, which is buying the Millenium mining leases in Queensland, Australia.
Forte will now receive $100,000 in cash instead of the previously stated $160,000 in cash.
The terms were tweaked to achieve a settlement and allow the inclusion of the mining leases in the joint venture deal for the Millenium project, announced by Elementos today.
Yesterday, Forte’s proposed merger with Leo Mining was scrapped after the pair failed to agree on changes to the original terms.
Forte said the parties could not agree on certain proposed material amendments including the withdrawal by Leo Mining of some of the assets. Leo’s main holding is a 48% stake in Canada-listed rare earth and uranium explorerMkango Resources (CVE:MKA).