By Sheri Kasprzak
New York, Sept. 21 - Forest Gate Resources Inc. said it has added an over-allotment option to its previously announced C$1 million private placement.
If exercised by placement agent Northern Securities Inc., the proceeds raised from the offering could reach C$1.2 million.
The agent has the option to sell up to 526,316 flow-through shares at C$0.38 each, bringing the total number of shares offered to 3,157,894.
The deal was first announced Aug. 23 as a C$1 million offering of up to 2,631,579 flow-through shares at C$0.38 each.
Proceeds will be used for exploration and on the Portage property in the Otish Mountain region of Quebec.
Based in Montreal, Forest Gate is a mineral exploration company.
| Issuer: | Forest Gate Resources Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$1 million (maximum)
|
| Shares: | 2,631,579
|
| Greenshoe: | For up to 526,316 shares
|
| Price: | C$0.38
|
| Warrants: | No
|
| Placement agent: | Northern Securities Inc.
|
| Pricing date: | Aug. 23
|
| Greenshoe added: | Sept. 21
|
| Stock price: | C$0.335 at close Aug. 23
|
| Stock price: | C$0.39 at close Sept. 21
|
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