Forent plans private placement of shares

By Devika Patel

Knoxville, Tenn., Sept. 11 - Forent Energy Ltd. said it will conduct a private placement of stock.

The company also will be acquired by Seriatim Ventures Inc., Seriatim announced in a press release Thursday. Seriatim is traded on the TSX Venture exchange while Forent is currently private.

The private placement may be comprised of both common shares and flow-through common shares, with pricing to be determined based on market conditions and other factors.

The deal will be brokered and is expected to settle immediately prior to the acquisition.

Proceeds will be used for additional seismic drilling and further exploration expenses on the Forent properties. The balance of the funds will be used to pay for the costs of the acquisition and for general working capital.

Based in Calgary, Alta., Forent is an emerging, junior, privately held petroleum and natural gas exploration, development and production company.

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