Forest Gate Closes $62,600 Financing
30 Juni 2011 - 12:47AM
PR Newswire (Canada)
CALGARY, June 29, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, June 29, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) reports that it has completed its previously-announced
private placement (see press release dated June 28, 2011) by
issuing an aggregate of 782,500 oil flow through units (the
"Units") at an issue price of eight cents ($0.08) per Unit for
gross proceeds to Forest Gate of $62,600. Each Unit comprised one
"flow-through" common share in the share capital of the Corporation
and one common share purchase warrant of the Corporation, with each
warrant entitling the holder thereof to acquire one additional
common share in the share capital of the Corporation at an issue
price of $0.18 per share for a period of two years. The Units will
be issued pursuant to applicable prospectus and registration
exemptions and will be subject to a four-month hold period. Forest
Gate will use the proceeds from the issuance of the Units to incur
eligible expenditures on Forest Gate's oil and gas properties
situated in Canada. As a result of this private placement, there
are 65,468,964 common shares of Forest Gate issued and outstanding.
In connection with the closing of the private placement, Forest
Gate paid a 9% cash commission of $5,634. Forest Gate also issued
70,425 Broker Warrants representing 9% of the number of Units sold
in the private placement. Each Broker Warrant is exercisable
into one common share of the Corporation at a price of $0.08, until
June 29, 2013. All of the securities issued in connection with the
private placement are subject to a four month hold period expiring
on October 30, 2011. In other news, shareholders approved by
majority vote, at the annual general and special meeting of
shareholders of the Company held June 15, 2011, the re-election of
Michael Judson, Nicholas Powell and Brian Weihs as directors of the
company. Ron Goguen previously resigned and did not seek
reinstatement as a director. About Forest Gate Forest Gate Energy
Inc. is a publicly listed oil and gas exploration and production,
and non-energy resource company trading on the TSX Venture Exchange
under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy
and other resources in Canada and internationally. FORWARD-LOOKING
STATEMENTS Certain statements regarding Forest Gate, including
management's assessments of future plans and operations and Forest
Gate's anticipated financial performance, may constitute
forward-looking statements under applicable securities laws and
necessarily involve known and unknown risks and uncertainties, most
of which are beyond Forest Gate's control. These risks may cause
actual financial and operating results, performance, levels of
activity and achievements to differ materially from those expressed
in, or implied by, such forward-looking statements. Such factors
include, but are not limited to: the impact of general economic
conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results
of exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth
potential of Forest Gate's various assets; fluctuations in foreign
exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required
approvals of regulatory authorities. Neither TSX Venture Exchange
nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or the accuracy of this release. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/June2011/29/c2458.html p
align="justify" ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/
1-866-666-3040br/ a cr="true" text-decoration=""
href="mailto:rkramberger@forestgate.ca"RKRAMBERGER@FORESTGATE.CA/abr/
a cr="true" href="http://www.forestgate.ca"WWW.FORESTGATE.CA/a /p
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