Forest Gate Arranges Private Placement Of Up To $600,000
30 March 2011 - 5:25AM
PR Newswire (Canada)
MONTREAL, March 29 /CNW/ -- SYMBOL & EXCHANGE: FGE-V MONTREAL,
March 29 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE) reports
that it is arranging a non-brokered private placement up to
$600,000 by issuing an aggregate of up to 5,454,545 flow-through
units at a price of $0.11 per unit. It is expected that one or more
of the limited partnerships associated with the MineralFields Group
of Toronto, Ontario will participate for a portion of at least 25%
of this private placement. Each flow-through unit consists of one
flow-through common share and one non-flow-through common share
purchase warrant. Each warrant will entitle the holder to
purchase one additional common share of Forest Gate at a price of
$0.18 until March 29, 2013. 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. The private
placement is subject to regulatory approval including that of the
TSX Venture Exchange. As previously announced (new release dated
March 7, 2011), Forest Gate is continuing its drilling program at
its Pershing Gold Property, which consists of 2736 hectares and 196
contiguous, unpatented mining claims. About Forest Gate Energy
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 Corporation
is seeking to increase shareholder value through participation and
development of energy and other resources in Canada and
internationally. About MineralFields, Pathway and First Canadian
Securities ® MineralFields Group (a division of Pathway Asset
Management), based in Toronto, Vancouver, Montreal and Calgary, is
a mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships
to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway
Asset Management also specializes in the manufacturing and
distribution of structured products and mutual funds (including the
Pathway Multi Series Funds Inc. corporate-class mutual fund
series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities ® (a division of
Limited Market Dealer Inc.) is active in leading resource
financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry
consulting, services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities ®.
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. This news release does not constitute an offer to sell
or a solicitation of an offer to buy any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws
and may not be offered or sold within the United States or to
United States Persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available. This news release is not for
distribution to United States newswire services or for
dissemination in the United States. 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/March2011/29/c7413.html p
align="justify" ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/
1-866-666-3040 br/ 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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