Forum Closes Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2019) - Forum Energy Metals Corp. (TSXV: FMC) (the "Company" or "Forum") is pleased to announce it has closed its non-brokered private placement previously announced February 12 and March 14, 2019. The Company has raised $554,000 through the issuance of 11,080,000 units at a price of $0.05 per unit. Each unit will be comprised of one common share and one share purchase warrant. Each warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of five (5) years expiring April 1, 2024. The Company paid finders fees of $9,908 and issued 198,160 finder warrants at a price of $0.05 for a period of one year expiring April 1, 2020. All securities are subject to a four month hold period expiring August 2, 2019. The net proceeds of the financing will be used to commence initial preparations for a summer drilling program on its Janice Lake sedimentary copper/silver project, a media relations program and for general working capital.
About Forum Energy Metals
Forum Energy Metals Corp (TSXV: FMC) has the option to earn a 100% interest in the Janice Lake property from Transition Metals Corp by making further staged cash payments over the next three years. The Company explores for energy metals, including copper and uranium in Saskatchewan, Canada's Number One mining province, in addition to cobalt in Idaho and Oregon. Forum is well positioned for when the uranium market rebounds with interests in 7 drill ready projects in the Athabasca Basin, all assembled by a highly experienced team of exploration professionals with a track record of uranium mine discoveries in Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Ken Wheatley, P. Geo., VP Exploration
Craig Christy, VP Corporate Development
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43787