Base Metals

investing forum

Forum Closes Final Tranche of $3.5 Million Flow Through Private Placement

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that, further to its news releases of June 24, 2021 and June 30, 2021, it has closed the second and final tranche of its non-brokered private placement. The Company raised an additional $3,048,570 through the issuance of 6,774,600 flow through units priced at $0.45 per unit. Each unit consists of one flow through common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.57 for up to two years expiring July 14, 2023. In total, the Company raised gross proceeds of $3,548,570.

Rick Mazur, President & CEO stated, "This oversubscribed financing was well received by institutional shareholders in support of Forum's diversified energy metals strategy. Forum is fully funded to conduct drilling over the next year on one of is majority owned uranium projects, its Love Lake Nickel/Copper/Palladium project and its new project pipeline."

The Company paid commission of $205,304.38 and issued 456,231 finder warrants, of which Red Cloud Securities Inc. was paid $174,999.98 and issued 388,888 finder warrants. The finder warrants are priced at $0.45 for a term of 2 years expiring July 14, 2023.

All securities issued are subject to a four month hold period expiring November 15, 2021.

Rick Mazur, a related party for the purposes of Multilateral Instrument 61-101 ("MI 61-101"), purchased 25,000 units of the private placement. The private placement was approved by the board of directors of the Company with Mr. Mazur abstaining. The Company relied upon exemptions from the valuation and minority approval requirements of MI 61-101 set out in Sections 5.5(b) and 5.7(b) of MI 61-101.

Proceeds will be used for further exploration of the Company's uranium, copper, nickel and palladium projects in Saskatchewan.

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) has three 100% owned energy metal projects being drilled in 2021 by the Company and its major mining company partners Rio Tinto and Orano for copper/silver, uranium and nickel/platinum/palladium in Saskatchewan, Canada's Number One Rated mining province for exploration and development. In addition, Forum has a portfolio of seven drill ready uranium projects and a strategic land position in the Idaho Cobalt Belt. For further information:


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, P.Geo., President & CEO
Tel: 778-772-3100

Burns Singh Tennent-Bhohi, Director
Tel: 074-0316-3185

Not for distribution to United States Newswire Services or for dissemination in the United States

To view the source version of this press release, please visit

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Forum Energy Metals

Forum Energy Metals

Keep reading...Show less

Ivanhoe Mines Provides Details for 2022 Fourth Quarter and Annual Financial Results Conference Call on Monday, March 13

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) will release its 2022 fourth quarter and annual financial results before market open on Monday, March 13, 2023. The company will hold an investor conference call to discuss the results at 10:30 a.m. Eastern time 7:30 a.m. Pacific time on the same day. The conference call will conclude with a question-and-answer (Q&A) session. Media are invited to attend on a listen-only basis.

To view the webcast please use the following link:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
joe mazumdar, copper rolls

Joe Mazumdar: Increasingly Bullish on Copper, Permitting a Big Supply Problem

Joe Mazumdar, editor of Exploration Insights, is increasingly positive about copper as supply of the base metal tightens.

He cited slow development timelines and project delays as key factors that are constraining output.

"While I can't predict demand, even if it's flat, the supply's not there. That's what I know," Mazumdar said at the Prospectors & Developers Association of CanadaPDAC C) convention. "That's what you can put your hat on, because you know that from discovery to basically production the average time is 15 to 18 years."

Keep reading...Show less
Vizsla Copper Executive Chairman Craig Parry

A Better Cycle for Copper in the Next 10 Years, Says Vizsla Copper Exec Chair

Vizsla Copper (TSXV:VCU) Executive Chairman Craig Parry shared his insights on the copper market, explaining how growing demand for copper could lead to good fortunes over the next decade.

“What we're seeing is a global phenomenon — the electrification of the planet, the move towards electric vehicles — and this future-facing metal, I think, is set to do better than it did last cycle because of the size of that demand increase that's coming,” Parry said.

The company executive said that about a 30 percent increase in demand is coming by the back half of this decade due to serious supply-side constraints that have only gotten worse over the last 10 years of downturn in the mining sector.

Keep reading...Show less

Latest Press Releases

Related News