Forest Gate Announces Non-Brokered Private Placement
21 June 2011 - 4:07AM
PR Newswire (Canada)
CALGARY, June 20, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, June 20, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) reports that it will be undertaking a non-brokered
private placement whereby the company intends to raise up to
$750,000 through the issuance of mineral "flow-through" units (the
"Units") at a price of $1,200 per Unit. Each Unit will consist 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. The Company may pay, where appropriate, commissions and
finder's fees in connection with this private placement, in
accordance with applicable securities laws and the rules of the TSX
Venture Exchange. EMD Financial Inc., Montreal, Quebec, an Exempt
Market Dealer, will act as lead agent on this private placement. It
is anticipated that the financing will be completed on or prior to
close of business on June 23, 2011. This financing is subject to
the usual regulatory approvals. 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. 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 Corporation 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. 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/June2011/20/c7646.html p
align="justify" ROBERT 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" cr="true"WWW.FORESTGATE.CA/a /p
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