Vancouver, B.C., January 16, 2017. Forum Uranium Corp. (“Forum” or the “Company”) (FDC: TSX-V) announces that it has closed the final tranche of its private placement previously announced on December 15, 2016 and January 5, 2017. The Company has raised an additional $206,400 through the issuance of 175,000 flow through common shares at a price of $0.08 per flow through share and 2,405,000 units at a price of $0.08 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.12 for a period of two years expiring January 13, 2019. The Company issued 36,750 finder’s warrants at a price of $0.08 exercisable until January 13, 2018 and paid $2,940 in cash commissions. All securities are subject to a four month hold period expiring May 14, 2017.
Forum raised a total of $1,695,040 in this round of financing, including an $800,000 strategic investment by the Shanghai-based private equity firm Holystone Energy Company Limited. Forum plans to advance its 100% owned Fir Island and Key Lake Mine Area projects and its 39.25% interest in the Northwest Athabasca Joint Venture with NexGen, Cameco and AREVA.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Exploration, NexGen and Uracan.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Matt Terriss, Director, Corporate Affairs