By Sheri Kasprzak
New York, Aug. 10 - Forum Development Corp. said it has closed the second and final tranche of its C$1,202,095 private placement.
The company sold a total of 5,171,725 units at C$0.20 each and 671,000 flow-through shares at C$0.25 each in the complete offering.
The units are comprised of one share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$0.30 each for one year.
The deal was first announced May 31 as a C$2 million offering of up to 4 million flow-through shares and 4 million units at C$0.25 each. Research Capital Corp. had been the placement agent but was removed by the time the deal was downsized to C$1 million on July 5.
Based in Vancouver, B.C., Forum Development is an energy development company. The proceeds will be used to advance the company's Maurice Point and Key Lake Road uranium program in the Athabasca Basin of Saskatchewan. The remainder will be used for working capital.
| Issuer: | Forum Development Corp.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
|
| Amount: | C$1,202,095
|
| Pricing date: | May 31
|
| Settlement date: | Aug. 10
|
| Stock price: | C$0.26 at close May 31
|
| Stock price: | C$0.245 at close Aug. 10
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 671,000
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 5,171,725
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
|
|
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