By Devika Patel
Knoxville, Tenn., April 11 - Forest Gate Resources Inc. said it will raise C$3 million in a private placement of units and stock.
The company will sell $1.5 million in flow-through shares at C$0.13 per share and $1.5 million in units at C$0.10 apiece, or 15 million units.
Each unit is comprised of one common share and one warrant. Each warrant is exercisable at C$0.14 for two years.
Northern Securities Inc. is the agent.
Proceeds will be used for general working capital and the company's ongoing projects in Canada. Settlement is expected on April 30.
Based in Montreal, Forest Gate is an oil and gas exploration company.
| Issuer: | Forest Gate Resources Inc.
|
| Issue: | Units of one common share and one warrant; flow-through shares
|
| Amount: | C$3 million
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | April 11
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: FGT
|
| Stock price: | C$0.10 at close April 10
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.14
|
|
|
| Flow-through shares
|
| Amount: | C$1.5 million
|
| Price: | C$0.13
|
| Warrants: | No
|
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