By Laura Lutz
Des Moines, April 24 - Forum Uranium Corp. arranged a private placement of units and flow-through shares for up to C$8 million.
The company plans to sell 4 million units at C$0.75 each and up to about 5.435 million flow-through shares at C$0.92 each.
The units will each consist of one non flow-through share and one half-share warrant. Each whole warrant will be exercisable for one non flow-through share at C$1.00 for 18 months.
Expiry of the warrants may be accelerated to 30 days if the volume weighted average closing price of the company's shares exceeds C$1.50 for more than 20 consecutive trading days.
A syndicate led by Salman Partners Inc. and including Haywood Securities Inc. and Wellington West Capital Markets Inc. will act as agents.
The agents have a greenshoe for up to C$2 million. The greenshoe will be exercisable until two days before closing.
Proceeds will be used for exploration and development and for working capital.
Forum is a uranium company based in Vancouver, B.C.
Issuer: | Forum Uranium Corp.
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Issue: | Units of one non flow-through share and one half-share warrant; flow-through shares
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Amount: | C$8 million
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Greenshoe: | For C$2 million
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Agents: | Salman Partners Inc. (lead), Haywood Securities Inc., Wellington West Capital Markets Inc.
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Pricing date: | April 24
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Stock symbol: | TSX Venture: FDC
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Stock price: | C$0.76 at close April 24
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Units
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Units: | 4 million
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Price: | C$0.75
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.00
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Flow-through shares
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Shares: | 5.435 million
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Price: | C$0.92
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Warrants: | No
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