Forest Gate Closes $322,800 Financing
26 Julho 2011 - 5:00PM
PR Newswire (Canada)
CALGARY, July 26, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, July 26, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) reports that it has completed a second tranche of its
previously-announced private placement (see press release dated
June 20, and June 30, 2011) by issuing an aggregate of 269 mineral
flow through units (the "Units") at an issue price of one thousand,
two hundred dollars ($1,200) per Unit for gross proceeds to Forest
Gate of $322,800. Each Unit consists of 4,000 common shares with a
deemed issue price per share of six cents ($0.06), 16,000
"flow-through" common shares with a deemed issue price per share of
six cents ($0.06), and 8,000 common share purchase warrants
entitling the holder to acquire one additional common share at an
exercise price of twelve cents ($0.12) for a period of two years.
The Units will be subject to a four-month hold period. Proceeds
will primarily be used to incur eligible expenditures on Forest
Gate's 100% owned Pershing Gold Property located near Val d'Or,
Quebec, as well as for general working capital. As a result of this
private placement, there are 73,788,964 common shares of Forest
Gate issued and outstanding. In connection with the closing of the
private placement, Forest Gate paid a cash commission of $32,280
and also issued 538,000 Broker Warrants to investment dealers,
which included lead agent EMD Financial Inc. Each Broker Warrant is
exercisable into one common share of the Corporation at a price of
$0.06, until July 25, 2013. All of the securities issued in
connection with the private placement are subject to a four month
hold period expiring on November 26, 2011. This private placement
is subject to receipt of final TSX Venture Exchange approval. About
EMD Financial EMD Financial is an exempt market dealer, registered
in Quebec and serving clients in Quebec, Ontario and Alberta. EMD
specializes in equity private placement financings for publicly
traded microcap opportunities in the resource sector. Furthermore,
EMD offers consulting services on mergers, acquisitions and
investment banking catered specifically to the client's situation.
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/July2011/26/c7622.html p
ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ a
href="mailto:rkramberger@forestgate.ca"uRKRAMBERGER@FORESTGATE.CA/u/abr/
a href="http://www.forestgate.ca"uWWW.FORESTGATE.CA/u/a /p
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