Forest Gate Closes Private Placement
April 23 2012 - 11:17AM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, April 26, 2012 /CNW Telbec/ -
Forest Gate Energy Inc. reports that it has completed a private
placement by issuing an aggregate of 35 flow-through units at a
price of $1,000 per unit for gross proceeds to Forest Gate of
$35,000. Each flow-through unit consists of twenty thousand
(20,000) flow-through common shares, at a price of $0.05 per share,
and twenty thousand (20,000) non-flow-through common share purchase
warrants. Each warrant will entitle the holder to purchase one
additional common share of Forest Gate at a price of $0.10 until
April 26, 2014. Forest Gate will use the proceeds from the issuance
of the flow-through units to explore its 100% owned Pershing
Iron/Gold Property located in the Abitibi Region of Québec. As a
result of the private placement, there are 83,975,630 common shares
of Forest Gate issued and outstanding. Under applicable securities
legislation and policies of the TSX Venture Exchange, the
securities issued in the private placement are subject to a hold
period expiring on August 27, 2012. Michael Judson, Forest Gate's
President & CEO, participated for 20 units in this private
placement. The private placement is subject to regulatory approval
including that of the TSX Venture Exchange. About Forest Gate
Energy 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. 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. FOREST GATE ENERGY INC. CONTACT:
MICHAEL JUDSON, PRESIDENT &
CEO1-866-666-3040MJUDSON@FORESTGATE.CAWWW.FORESTGATE.CA
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