Vancouver, B.C., September 5, 2018. Forum Energy Metals Corp. (FMC: TSX-V) (“Forum” or the “Company”) is pleased to announce it has closed the first tranche of its non-brokered private placement previously announced August 16, 2018, The Company has raised $142,500 through the issuance of 2,850,000 units at a price of $0.05 per unit. Each Unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of 18 months expiring March 5, 2020.
The private placement is subject to TSX Venture Exchange approval and all securities are subject to a four month hold period expiring December 6, 2018. No finder`s fees were paid in this first tranche.
Transition Metals Corp., the vendor of the Janice Lake Copper project have participated in this financing to maintain their 9.2% interest in the Company.
The proceeds from this financing will be used for exploration of the Company`s Janice Lake copper project, acquisition of cobalt assets in Idaho and Oregon and working capital.
About Forum Energy Metals
Forum Energy Metals Corp (TSX.V: FMC) explores for energy metals, most notably copper and uranium in Saskatchewan, Canada’s Number 1 mining province, and is evaluating other energy metals opportunities in North America. In addition, Forum is well positioned for when the uranium market rebounds with interests in 7 drill ready projects in the Athabasca Basin, all assembled by a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada.
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
Craig Christy, VP Corporate Development