Proceeds used for ground geophysics and a 3,000-meter drill program
By Devika Patel
Knoxville, Tenn., Sept. 10 - Forum Uranium Corp. said it settled a C$2.59 million non-brokered private placement of units. The deal priced for C$1.5 million on Aug. 21 and was increased to C$2.25 million a few hours later. Forum once again increased the offering on Aug. 27 to C$2.5 million from C$2.25 million due to strong response from investors.
The company sold 7,008,702 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,593,219
|
| Units: | 7,008,702
|
| Price: | C$0.37
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 21
|
| Upsized: | Aug. 21, Aug. 27
|
| Settlement date: | Sept. 10
|
| Stock symbol: | TSX Venture: FDC
|
| Stock price: | C$0.44 at close Aug. 20
|
| Market capitalization: | C$6.66 million
|
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