Wed Oct 28, 2009 Forum Announces Closing of Private Placement
Vancouver, B.C., October 28, 2009. Forum Uranium Corp (FDC: TSX-V) is pleased to announce that it has closed its non-brokered private placement previously announced on October 1, 2009. The Company has raised $900,080 through the issuance of 11,251,000 units at a price of $0.08 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.20 per share for a period of eighteen months expiring April 22, 2011. If the closing price of the common shares is higher than $0.40 for a period of 20 consecutive trading days at any time after four months and one day after the closing date, the Company can accelerate the exercise of the warrants on the 30th day after the Company gives notice of such acceleration. The proceeds will be used for the exploration of its mineral properties and for general working capital.
Finder's fees were paid to Power One Capital Markets Limited in the amount of a commission of 630,000 common shares at a deemed price per share of $0.08 and 630,000 compensation options exercisable into units at a price of $0.08 per unit. Each unit is exercisable into one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at a price of $0.20 for a period of eighteen months expiring April 22, 2011. All securities issued in the private placement are subject to a four month hold period expiring February 23, 2010.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
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
President & CEO
Or
Mark Prosser
Corporate Communications
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3947
Fax: 604-662-3609
Email:
Website: www.forumuranium.com
You can view the Next News Releases item: Fri Oct 30, 2009, Forum Appoints New Director
You can view the Previous News Releases item: Thu Oct 1, 2009, Forum Increases Financing to $900,000
You can return to the main News Releases page, or press the Back button on your browser.
