Forest Gate Energy Inc. (TSXV:FGE)
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MONTREAL, March 29 /CNW/ --
SYMBOL & EXCHANGE: FGE-V
MONTREAL, March 29 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE)
reports that it is arranging a non-brokered private placement up to
$600,000 by issuing an aggregate of up to 5,454,545 flow-through units
at a price of $0.11 per unit.
It is expected that one or more of the limited partnerships associated
with the MineralFields Group of Toronto, Ontario will participate for a
portion of at least 25% of this private placement.
Each flow-through unit consists of one flow-through common share and one
non-flow-through common share purchase warrant. Each warrant will
entitle the holder to purchase one additional common share of Forest
Gate at a price of $0.18 until March 29, 2013.
Forest Gate will use the proceeds from the issuance of the flow-through
units to explore its 100%-owned Pershing Gold Property located near
Val-d'Or, Québec.
The private placement is subject to regulatory approval including that
of the TSX Venture Exchange.
As previously announced (new release dated March 7, 2011), Forest Gate
is continuing its drilling program at its Pershing Gold Property, which
consists of 2736 hectares and 196 contiguous, unpatented mining claims.
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.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Vancouver, Montreal and Calgary, is a mining fund with
significant assets under administration that offers its tax-advantaged
super flow-through limited partnerships to investors throughout Canada
as well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Funds Inc. corporate-class mutual
fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.)
is active in leading resource financings (both flow-through and hard
dollar PIPE financings) on competitive, effective and service-friendly
terms, and offers investment banking, mergers and acquisitions, and
mining industry consulting, services to resource companies.
MineralFields and Pathway have financed several hundred mining and oil
and gas exploration companies to date through First Canadian Securities
®.
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/March2011/29/c7413.html
p align="justify" ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040 br/ a href="mailto:rkramberger@forestgate.ca"RKRAMBERGER@FORESTGATE.CA/abr/ a href="http://www.forestgate.ca"WWW.FORESTGATE.CA/a /p