By Devika Patel
Knoxville, Tenn., May 29 - Forest Gate Resources Inc. said it has amended the terms of a C$3 million private placement of units and stock that priced April 11. The company now only plans to sell units for up to C$1.75 million.
Forest Gate will sell flow-through units at C$0.09 apiece and units at C$0.07 per unit.
Each flow-through unit will consist of one flow-through common share and one half-share warrant.
Each unit is comprised of one common share and one warrant.
Each whole warrant is exercisable at C$0.10 for two years.
The company had planned to sell C$1.5 million in flow-through shares at C$0.13 per share and C$1.5 million in units at C$0.10 apiece, or 15 million units.
Northern Securities Inc., the agent, has a greenshoe for 20%.
Settlement is expected May 30.
Proceeds will be used for general working capital purposes and the company's ongoing projects in Canada.
Based in Montreal, Forest Gate is an oil and gas exploration company.
| Issuer: | Forest Gate Resources Inc.
|
| Issue: | Units of one common share and one warrant; flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.75 million
|
| Greenshoe: | 20%
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | April 11
|
| Revised: | May 29
|
| Settlement date: | May 30
|
| Stock symbol: | TSX Venture: FGT
|
| Stock price: | C$0.10 at close April 10
|
|
|
| Flow-through units
|
| Price: | C$0.09
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
