By Devika Patel
Knoxville, Tenn., Feb. 11 - Forest Gate Resources Inc. said it will raise C$1 million in a non-brokered private placement of units.
The company will sell units at C$0.13 per unit. Each unit consists of one common share and one warrant. Each warrant will be exercisable at C$0.17 for two years.
Proceeds will be used for general working capital.
Based in Montreal, Forest Gate is an oil and gas exploration company.
Issuer: | Forest Gate Resources Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1 million
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Price: | C$0.13
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.17
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Agent: | Non-brokered
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Pricing date: | Feb. 11
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Stock symbol: | TSX Venture: FGT
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Stock price: | C$0.10 at close Feb. 8
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