Forest Gate Energy Inc. (TSXV:FGE)
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CALGARY, June 20, 2011 /CNW/ --
SYMBOL & EXCHANGE: FGE-V
CALGARY, June 20, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV:
FGE) reports that it will be undertaking a non-brokered private
placement whereby the company intends to raise up to $750,000 through
the issuance of mineral "flow-through" units (the "Units") at a price
of $1,200 per Unit.
Each Unit will consist of 4,000 common shares with a deemed issue price
per share of six cents ($0.06), 16,000 "flow-through" common shares
with a deemed issue price per share of six cents ($0.06), and 8,000
common share purchase warrants entitling the holder to acquire one
additional common share at an exercise price of twelve cents ($0.12)
for a period of two years. The Units will be subject to a four-month
hold period.
The Company may pay, where appropriate, commissions and finder's fees in
connection with this private placement, in accordance with applicable
securities laws and the rules of the TSX Venture Exchange.
EMD Financial Inc., Montreal, Quebec, an Exempt Market Dealer, will act
as lead agent on this private placement.
It is anticipated that the financing will be completed on or prior to
close of business on June 23, 2011. This financing is subject to the
usual regulatory approvals.
Proceeds will primarily be used to incur eligible expenditures on Forest
Gate's 100% owned Pershing Gold Property located near Val d'Or, Quebec,
as well as for general working capital.
About Forest Gate
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.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws and may not be offered or sold within the
United States or to United States Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
This news release is not for distribution to United States newswire
services or for dissemination in the United States.
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.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/June2011/20/c7646.html
p align="justify" ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ a href="mailto:RKRAMBERGER@FORESTGATE.CA"RKRAMBERGER@FORESTGATE.CA/abr/ a href="http://WWW.FORESTGATE.CA" cr="true"WWW.FORESTGATE.CA/a /p