Forest Gate Closes $94,000 Financing
December 10 2010 - 3:06PM
PR Newswire (Canada)
MONTREAL, Dec. 10 /CNW/ -- SYMBOL & EXCHANGE: FGE-V MONTREAL,
Dec. 10 /CNW Telbec/ - Forest Gate Energy Inc. reports that it has
completed a non-brokered private placement by issuing 94 "Units"
comprising a total of 470,000 Common Shares and 470,000
Flow-Through Shares for gross proceeds to Forest Gate of $94,000.
Each Unit consisted of 5,000 common shares with a deemed issue
price per share of ten cents ($0.10), 5,000 "flow-through" common
shares with a deemed issue price per share of ten cents ($0.10),
and 10,000 common share purchase warrants entitling the holder to
acquire one additional common share at an exercise price of
twenty-five cents ($0.25) for a period of two years. The Units will
be subject to a four-month hold period. The proceeds will primarily
be used to incur exploration expenditures on the Corporation's
properties situated in Canada, as well as for working capital. As a
result of the private placement, there are 43,529,982 common shares
of Forest Gate issued and outstanding. The TSX Venture Exchange
provided conditional acceptance for this filing on December 3,
2010. 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 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. To view this news release in HTML
formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/December2010/10/c4421.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
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