Forge Resources closes $3.34-million private placement

Executive Summary

• Forge Resources Corp. has completed the initial closing of its previously announced best efforts private placement, issuing 6,687,000 units for gross proceeds of $3,343,500.
• The units were priced at $0.50 each and include one common share and one-half of one common share purchase warrant per unit.
• Net proceeds will be used as outlined in the company's amended and restated offering document, with agent commissions and compensation options totaling 14% of the offering value.

Key Details

• Units Issued: 6,687,000 units.
• Price Per Unit: $0.50 CAD.
• Gross Proceeds: $3,343,500 CAD.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.75 per share.
  • Expiration: March 27, 2029 (3-year term).
  • Entitlement: Each warrant allows the purchase of one common share.
• Agent Compensation:
  • Cash Commission: 7.0% of the offering.
  • Compensation Options: 7.0% of the offering value.
  • Compensation Option Terms: Entitle holder to acquire one unit at $0.50 per unit; expire March 27, 2029.
  • Hold Period: Compensation options are subject to a hold period of four months and one day from issuance.
• Regulatory Basis: Issued in reliance on the listed issuer financing exemption under National Instrument 45-106 (Part 5A) and CSA Coordinated Blanket Order 45-935.
• Jurisdiction: All provinces of Canada except Quebec, and other qualifying jurisdictions.
• Statutory Hold: No statutory hold period applies to the units sold.
• Legal Counsel: Richards Buell Sutton LLP (Forge Resources); Wildeboer Dellelce LLP (Agent).
• Lead Agent: Ventum Financial Corp.

Notable Quotes

• None provided in the text.