- Forum Energy Metals (FMC) is looking to raise up to C$1 million in a private placement to fund the generation of new projects
- The company intends to issue 10 million units at a price of ten cents each, consisting of one common share and one purchase warrant
- Each warrant will be exercisable at a price of 15 cents per share for a period of two years
- Separately, the company has named Dan O’Brien as Chief Financial Officer, effective December 1, following the resignation of Jeannine Webb
- Forum Energy Metals is currently down 4 per cent to 12 cents per share
Forum Energy Metals (FMC) is looking to raise up to C$1 million in a private placement to fund the generation of new projects.
Under the terms of the offering, the Vancouver-based exploration company intends to issue 10 million units at a price of $0.10 each. These units will be comprised of one common share in Forum and one common share purchase warrant.
Each warrant will be exercisable at a price of $0.15 per share for a period of two years from the date of issuance.
Completion of the financing remains subject to regulatory approval from the TSX Venture Exchange.
In addition to generating new projects, Forum says the proceeds will also go towards expenses at the Love Lake Nickel-Palladium project in Saskatchewan, the Janice Lake Copper Joint Venture with Rio Tinto, and the Fir Island Uranium Joint Venture with Orano.
Separately, Forum has unveiled the appointment of Dan O’Brien as Chief Financial Officer, effective December 1, 2020, following the resignation of Jeannine Webb.
Dan currently acts as President of Golden Oak Corporate Services, which has provided administrative, accounting and office services to both public and private companies since 1996.
As a member of the Institute of Chartered Professional Accountants of British Columbia, he was previously a senior manager at a major Canadian accounting firm, where he specialised in auditing public companies in the mining and resource sector.
Dan’s appointment comes pursuant to a consulting agreement between Golden Oak Corporate Services and Forum.
Forum Energy Metals is currently down 4 per cent to $0.12 per share at 12:23pm EST.