Forest Gate Energy Confirms Shares for Debt Issued
July 30 2010 - 3:00PM
PR Newswire (Canada)
MONTREAL, July 30 /CNW/ -- Symbol & exchange: FGE-V MONTREAL,
July 30 /CNW Telbec/ - Forest Gate Energy Inc. reports that it has
issued 4,228,290 common shares in settlement of unpaid salaries and
fees, which had been deferred in order to preserve cash, payable to
officers, directors and consultants of the company. With the
delivery of the share certificates, this debt is now extinguished.
The TSX Venture Exchange had previously accepted for filing the
company's proposal to issue 4,228,290 common shares at a deemed
issue price of 13 cents per share as announced in the company's
press release dated June 2, 2010. These shares are subject to a
four-month hold period. The seven creditors are: Michael C. Judson
(1,527,000 Shares), Robert Kramberger (171,230 Shares), Donald
Vandergrift (982,292 Shares), Dr. Easton Wren (193,138 Shares),
Jean Mayer (739,246 Shares), Robert Therriault (384,615 shares),
Daniel Bortoluzzi (230,769 shares). 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 Company 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. Robert Kramberger, V-P, Investor
Relations, 1-866-666-3040, rkramberger@forestgate.ca;
www.forestgate.ca
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