By Laura Lutz
Des Moines, May 29 - Forum Uranium Corp. closed its private placement of units and flow-through shares for C$6,374,075, down from the C$8 million maximum deal size announced on May 14.
The company sold 5,448,730 units at C$0.65 each and 3,540,500 flow-through shares at C$0.80 each.
The units will each consist of one non flow-through share and one half-share warrant. Each whole warrant is exercisable for one non flow-through share at C$0.85 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.
Salman Partners Inc. led a syndicate of agents that also included Haywood Securities Inc. and Wellington West Capital Markets Inc.
The deal terms were amended on May 14. Before that, the units were priced at C$0.75 each and the flow-through shares at C$0.92 each. The warrant exercise price was set at C$1.00.
As of May 14, the company had planned to sell up to C$3 million of units and up to C$5 million of flow-through shares.
The agents had a greenshoe for up to C$2 million.
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$6,374,075
|
| Agents: | Salman Partners Inc. (lead), Haywood Securities Inc., Wellington West Capital Markets Inc.
|
| Pricing date: | April 24
|
| Amended: | May 14
|
| Settlement date: | May 29
|
| Stock symbol: | TSX Venture: FDC
|
| Stock price: | C$0.76 at close April 24
|
| Stock price: | C$0.68 at close May 11
|
| Stock price: | C$0.62 at close May 29
|
|
|
| Units
|
| Units: | 5,448,730
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
|
|
| Flow-through shares
|
| Shares: | 3,540,500
|
| Price: | C$0.80
|
| Warrants: | No
|
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