Forum Uranium Closes Final Tranche of $2.6 Million Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/21/13 -- Forum
Uranium Corp. (TSX VENTURE:FDC) ("Forum" or the "Company") is pleased
to announce that it has closed the fourth and final tranche of its
private placement previously announced on January 14, 2013, January
23, 2013 and February 15, 2013. The Company has raised an additional
$283,500 through the issuance of 625,000 flow through common shares
at a price of $0.40 per flow through share and 95,000 units at a
price of $0.35 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 $0.49 for a period of two
years expiring March 21, 2015.
The Company paid finder's fees of $19,337.50 and issued 49,000 finder
warrants exercisable at a price of $0.35 for a period of two years
expiring March 21, 2015. All securities are subject to a four month
hold period expiring July 22, 2013.
The Company has raised a total of $908,500 in flow through shares and
$1,720,600 in Units for a total of $2,629,100. Proceeds from this
financing will be used for drilling in the Maurice Bay deposit area
on the NW Athabasca project, exploration on the newly acquired
Clearwater claims adjacent to the Fission/Alpha PLS discovery in the
Athabasca Basin and for general working capital.
Drilling is currently underway by Forum on the NW Athabasca Joint
Venture with partners NexGen Energy, Cameco Corporation and AREVA
Resources Canada to follow up on two successful drill campaigns in
2012 where grades of up to 2.48% U3O8 over 1.5 metres was
intersected. Plans are being formulated to conduct an airborne
magnetic, electromagnetic and radiometric survey on the Clearwater
project this spring, followed by a boulder prospecting, geological
mapping and geochemical sampling program this summer.
Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice
President, Exploration is the Qualified Person that has reviewed and
approved the contents of this news release.
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 exper
ienced 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 and the Thelon Basin, Nunavut by exploring on its
100% owned properties and through strategic partnerships and joint
ON BEHALF OF THE BOARD
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.
Forum Uranium Corp.
President & CEO
Forum Uranium Corp.
Director, Corporate Affairs
CHF Investor Relations
Senior Account Manager
416-868-1079 x 228
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