By Susanna Moon
Chicago, July 18 - Forest Gate Resources Inc. said it raise up to C$1.5 million in a non-brokered private placement of units.
The company said it would sell the units at C$0.12 per unit.
Each unit consists of one share and one warrant, with each warrant exercisable at C$0.15 for two years.
Proceeds will be used for working capital and to finance a 15% working interest in the Celtic Sea oil and gas exploration license under a joint operating agreement with its Celtic Sea consortium partners, as previously announced July 5.
Forest Gate, based in Montreal, is a diamond and mineral exploration company.
Issuer Forest Gate Resources Inc.
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.5 million
|
| Price: | C$0.12
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | July 18
|
| Stock symbol: | TSX Venture: FGT
|
| Stock price: | C$0.14 at close July 17
|
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