By Laura Lutz
Des Moines, May 14 - Forum Uranium lowered the price per unit and price per share in its previously announced private placement for up to C$8 million.
The company now plans to sell up to C$3 million of units at C$0.65 each and up to C$5 million of flow-through shares at C$0.80 each.
Previously, the units were priced at C$0.75 each and the flow-through shares at C$0.92 each.
The units will each consist of one non flow-through share and one half-share warrant.
The warrant exercise price was also lowered. Each whole warrant will now be exercisable for one non flow-through share at C$0.85 for 18 months. Previously, the warrants were to be exercisable at C$1.00 each.
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.
|
| Issue: | Units of one non flow-through share and one half-share warrant; flow-through shares
|
| Amount: | C$8 million
|
| Greenshoe: | For C$2 million
|
| Agents: | Salman Partners Inc. (lead), Haywood Securities Inc., Wellington West Capital Markets Inc.
|
| Pricing date: | April 24
|
| Amended: | May 14
|
| Stock symbol: | TSX Venture: FDC
|
| Stock price: | C$0.76 at close April 24
|
| Stock price: | C$0.68 at close May 11
|
|
|
| Units
|
| Amount: | C$3 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
|
|
| Flow-through shares
|
| Amount: | C$5 million
|
| Price: | C$0.80
|
| Warrants: | No
|
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