Offering funds drilling on the NW Athabasca project, working capital
By Devika Patel
Knoxville, Tenn., Feb. 26 - Forum Uranium Corp. said it raised C$1.61 million in the second tranche of a C$2.5 million non-brokered private placement of units and stock. The deal priced for C$2 million Jan. 14 and was revised on Jan. 23. The company raised C$428,050 on Feb. 6 and increased the deal to C$2.5 million from C$2 million on Feb. 15.
The company is selling units of one common share and a warrant at C$0.35 per unit. Each warrant will be exercisable at C$0.49 for two years. Forum is also selling flow-through common shares at C$0.40 apiece, revised from the original price of C$0.45 per share.
The price per share is a 4.76% discount to the Jan. 11 closing share price of C$0.42. The warrant strike price is a 16.67% premium to that price.
In the first tranche, Forum sold 840,000 flow-through common shares and 263,000 units. It sold 411,250 flow-through common shares and 4,116,000 units in the second tranche.
Proceeds will be used for drilling on the NW Athabasca project and for general working capital.
Forum is a uranium exploration and development company based in Vancouver, B.C.
| Issuer: | Forum Uranium Corp.
|
| Issue: | Units of one common share and a warrant, flow-through common shares
|
| Amount: | C$2.5 million
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 14
|
| Revised: | Jan. 23
|
| Upsized: | Feb. 15
|
| Settlement dates: | Feb. 6 (for C$428,050), Feb. 26 (for C$1,605,100)
|
| Stock symbol: | TSX Venture: FDC
|
| Stock price: | C$0.42 at close Jan. 11
|
| Market capitalization: | C$4.79 million
|
|
|
| Units
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| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.49
|
|
|
| Flow-through shares
|
| Price: | C$0.40
|
| Warrants: | No
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