By Sheri Kasprzak
New York, Oct. 3 - Forest Gate Resources Inc. said it has settled an oversubscribed private placement for C$1.5 million.
The company sold a total of 3,947,368 flow-through shares at C$0.38 each, including a greenshoe for 526,316 exercised by placement agent Northern Securities Inc.
The deal was first announced Aug. 23 as a C$1 million offering of up to 2,631,579 flow-through shares under the same terms. The greenshoe was added on Sept. 21.
Proceeds will be used for exploration and on the Portage property in the Otish Mountain region of Quebec.
Separately, Forest Gate closed a non-brokered private placement for C$50,000 by selling 131,579 flow-through shares at C$0.38 each.
Based in Montreal, Forest Gate is a mineral exploration company.
| Issuer: | Forest Gate Resources Inc.
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| Issue: | Flow-through shares
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| Amount: | C$1.5 million
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| Shares: | 3,947,368 (includes greenshoe for 526,316 shares)
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| Price: | C$0.38
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| Warrants: | No
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| Placement agent: | Northern Securities Inc.
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| Pricing date: | Aug. 23
|
| Settlement date: | Oct. 3
|
| Stock price: | C$0.335 at close Aug. 23
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| Stock price: | C$0.42 at close Oct. 3
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