Non-brokered offering sells 2.5 million common shares at C$0.40 each
By Devika Patel
Knoxville, Tenn., June 3 – Forent Energy Ltd. said it has arranged a C$1 million non-brokered private placement of stock.
The company will sell 2.5 million common shares at C$0.40 apiece. The price per share represents a 1,900% premium to the June 2 closing share price of C$0.02.
W. Brett Wilson plans to invest $500,000.
Settlement is expected June 30.
Proceeds will be used to strengthen Forent's balance sheet and for general corporate purposes.
The company also said it intends to acquire an Alberta-based private resource company for C$1 million in the form of 2.5 million common shares at a deemed price of C$0.40 per share.
Based in Calgary, Alta., Forent is an emerging, junior, privately held petroleum and natural gas exploration, development and production company.
| Issuer: | Forent Energy Ltd.
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| Issue: | Common shares
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| Amount: | C$1 million
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| Shares: | 2.5 million
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| Price: | C$0.40
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| Warrants: | No
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| Agent: | Non-brokered
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| Investor: | W. Brett Wilson (for $500,000)
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| Pricing date: | June 3
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| Settlement date: | June 30
|
| Stock symbol: | TSX Venture: FEN
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| Stock price: | C$0.02 at close June 2
|
| Market capitalization: | C$6.6 million
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