Proceeds used for ground geophysics and a 3,000-meter drill program
By Devika Patel
Knoxville, Tenn., Aug. 21 - Forum Uranium Corp. said it plans a C$2.25 million non-brokered private placement of units. The deal priced for C$1.5 million on Wednesday and was increased a few hours later.
The company will sell 6,081,081 units of one common share and one warrant at C$0.37 per unit. Each warrant will be exercisable at C$0.50 for two years. The strike price reflects a 13.64% premium to the Aug. 20 closing share price of C$0.44.
Proceeds will be used to conduct ground geophysics and a 3,000-meter drill program on the Clearwater project in Saskatchewan.
Forum is a uranium exploration and development company based in Vancouver, B.C.
Issuer: | Forum Uranium Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$2.25 million
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Units: | 6,081,081
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Price: | C$0.37
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50
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Agent: | Non-brokered
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Pricing date: | Aug. 21
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Upsized: | Aug. 21
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Stock symbol: | TSX Venture: FDC
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Stock price: | C$0.44 at close Aug. 20
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Market capitalization: | C$8 million
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