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Forum Uranium (TSXV:FDC) has closed the final tranche of its previously announced private placement, raising an additional $70,000 for a total of $876,000. Proceeds from the placement will be used towards drilling at Forum’s Highrock and Highrock South projects.
Forum Uranium (TSXV:FDC) has closed the final tranche of its previously announced private placement, raising an additional $70,000 for a total of $876,000. Proceeds from the placement will be used towards drilling at Forum’s Highrock and Highrock South projects.
As quoted in the press release:
The Company had raised an additional $70,000 through the issuance of 1,400,000 units (“NFT Unit”) at a price of $0.05 per NFT Unit. Each NFT Unit will be comprised of one common share and one share purchase warrant (a “NFT Warrant”). Each NFT Warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of two years expiring February 2, 2018.
The Company paid finder’s fees of $4,900 and issued 98,000 finder warrants exercisable at a price of $0.05 for a period of one year expiring February 2, 2017. All securities are subject to a four month hold period expiring June 3, 2016.
The Company has raised a total of $625,500 in FT Units and $250,500 in NFT Units for total proceeds of $876,000. The proceeds from this financing will be used for drilling at its 100% owned Highrock and Highrock South projects nearby Cameco’s Key Lake Mine and Mill, gravity and radon surveys at its 100% owned Fir Island project as a follow-up from a successful drill campaign earlier in the year and for working capital.
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