By Laura Lutz
Des Moines, July 24 - Forest Gate Resources Inc. raised $904,599.96 from the first tranche of its previously announced C$1.5 million private placement of units.
The placement consists of units of one share and one warrant at C$0.12 per unit. Each warrant is exercisable at C$0.15 for two years.
The first tranche consisted of 7,538,333 units.
The second tranche is expected to close "shortly," according to a company news release.
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
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Amount: | C$1.5 million
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Price: | C$0.12
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | July 18
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Settlement date: | July 24 (for 7,538,333 units)
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Stock symbol: | TSX Venture: FGT
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Stock price: | C$0.14 at close July 17
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Stock price: | C$0.115 at close July 24
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