By Sheri Kasprzak
New York, July 5 - Forum Development Corp. said it has downsized to C$1 million its previously announced C$2 million private placement.
The company now plans to sell up to 2 million flow-through shares at C$0.25 each and up to 2.5 million non flow-through units at C$0.20 each.
The units include one share and one half-share warrant. The whole warrants provide for an additional share at C$0.30 each for one year.
Research Capital Corp. had been the placement agent in the offering, which was first announced May 31, but the company now plans to proceed with the offering on a non-brokered basis.
When the deal was first announced, the company said it planned to sell up to 4 million flow-through shares and up to 4 million units at C$0.25 each.
Based in Vancouver, B.C., Forum Development is an energy development company. The proceeds will be used to advance the company's Maurice Point and Key Lake Road uranium program in the Athabasca Basin of Saskatchewan. The remainder will be used for working capital.
| Issuer: | Forum Development Corp.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
|
| Amount: | C$1 million (maximum)
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| Pricing date: | May 31
|
| Downsized: | July 5
|
| Stock price: | C$0.26 at close May 31
|
| Stock price: | C$0.245 at close July 4
|
|
|
| Flow-through shares
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| Issue: | Flow-through common shares
|
| Shares: | 2 million (maximum)
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| Price: | C$0.25
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| Warrants: | No
|
|
|
| Units
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| Issue: | Units of one share and one half-share warrant
|
| Units: | 2.5 million (maximum)
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| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
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| Warrant strike price: | C$0.30
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