- Forum Energy Metals (TSXV:FMC) is set to raise C$400,000 in a non-brokered private placement to fund exploration activities in Saskatchewan
- The company intends to issue up to four million units at a price of 10 cents each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will entitle the holder to acquire an additional common share at a price of 14 cents
- The proceeds will be used to fund an airborne magnetic survey, mapping, prospecting and a ground electromagnetic survey at the company’s Love Lake project
- Forum Energy Metals (FMC) is currently down 10.53 per cent and is trading at 8.5 cents per share
Forum Energy Metals (TSXV:FMC) is set to raise C$400,000 in a non-brokered private placement to fund exploration activities in Saskatchewan.
Under the terms of the placement, the company plans to issue up to four million units at a price of 10 cents each. The units will be comprised of one common share and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of 14 cents, exercisable over a period of three years from the date of issuance.
The proceeds raised under the placement will be used to fund an exploration program at Forum’s Love Lake copper-nickel-palladium project.
The project is located 30 kilometres northeast of the company’s separate Janice Lake copper project, which is currently being explored by Rio Tinto Exploration Canada.
Historic trenching at the Love Lake project has returned significant results, including 4.2 grams per tonne of palladium, 3.5 grams per tonne of platinum and 0.2 grams per tonne of gold.
Grab sampling at the project returned 0.43 per cent copper and 0.23 per cent nickel.
In addition, previous drilling returned 31.7 metres of 0.23 per cent copper and 36.6 metres of 0.29 per cent copper.
Rick Mazur, President and CEO of Forum Energy Metals, commented on the financing.
“Further compilation work has increased our understanding of the Love Lake copper-nickel-palladium project, including the identification of a feeder zone with potential to host a magmatic nickel-copper-palladium deposit similar to Chalice Gold’s recent Julimar discovery.
“This financing will fund an airborne magnetic survey, mapping, prospecting and a ground electromagnetic survey this summer in preparation for a first pass drill program,” he said.
Forum Energy Metals (FMC) is down 10.53 per cent and is trading at 8.5 cents per share at 1:55pm EDT.
