Forest Gate Closes $410,000 Financing
18 December 2010 - 4:15AM
PR Newswire (Canada)
MONTREAL, Dec. 17 /CNW/ -- SYMBOL & EXCHANGE: FGE-V MONTREAL,
Dec. 17 /CNW Telbec/ - Forest Gate Energy Inc. reports that it has
completed a non-brokered private placement by issuing Flow Through
Units (the "Unit") comprising 4,100,000 Flow Through Common Shares
for gross proceeds to Forest Gate of $410,000. Each Unit consisted
of one Flow Through Common Share with a deemed issue price per
share of ten cents ($0.10), and one Common Share Purchase Warrant
entitling the holder to acquire one additional common share at an
exercise price of twenty-five cents ($0.25) for a period of two
years. The Units will be subject to a four-month hold period.
Forest Gate will use the proceeds from the issuance of the
flow-through units to explore its 100% owned Pershing Gold Property
located near Val-d'Or, Québec. As a result of this private
placement, there are 47,629,982 common shares of Forest Gate issued
and outstanding. The TSX Venture Exchange provided conditional
acceptance for this filing on December 15, 2010. 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/December2010/17/c6296.html
pROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ a
href="mailto:rkramberger@forestgate.ca"RKRAMBERGER@FORESTGATE.CA/abr/
a href="http://www.forestgate.ca"WWW.FORESTGATE.CA/a/p
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