By Laura Lutz
Des Moines, Aug. 13 - Forest Gate Resources Inc. raised C$396,000 from the third and final tranche of its previously announced private placement of units. In total, the placement raised C$1,625,400, up from the C$1.5 million deal size announced at pricing on July 18.
The placement consisted of 13,544,999 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, which settled on July 24, included 7,538,333 units. The second tranche settled on July 31 and included 2,706,666 units.
The third tranche included 3.3 million units.
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$1,625,400
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Units: | 13,544,999
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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 C$904,600); July 31 (for C$324,800); Aug. 13 (for C$396,000)
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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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Stock price: | C$0.12 at close July 31
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Stock price: | C$0.12 at close Aug. 10
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