Forest Gate Closes $150,000 Financing
September 23 2011 - 4:00PM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, AB, Sept. 23, 2011 /CNW
Telbec/ - Forest Gate Energy Inc. reports that it has completed a
non-brokered private placement by issuing an aggregate of 2,500,000
mineral flow through units (the "Units") at an issue price of six
cents ($0.06) per Unit for gross proceeds to Forest Gate of
$150,000. Each Unit consists of one common share with a deemed
issue price per share of six cents ($0.06), and one common share
purchase warrant 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. Proceeds will be used to incur eligible expenditures on
Forest Gate's 100% owned Pershing Gold Property located near Val
d'Or, Quebec. As a result of this private placement, there are
76,288,964 common shares of Forest Gate issued and outstanding. In
connection with the closing of the private placement, Forest Gate
paid a cash commission of $15,000 and also issued 250,000 Broker
Warrants to EMD Financial Inc. Each Broker Warrant is exercisable
into one common share of the Corporation at a price of $0.06, until
September 23, 2013. All of the securities issued in connection with
the private placement are subject to a four month hold period
expiring on January 24, 2012. This private placement is subject to
receipt of final TSX Venture Exchange approval. About EMD Financial
EMD Financial is an exempt market dealer, registered in Quebec and
serving clients in Quebec, Ontario and Alberta. EMD specializes in
equity private placement financings for publicly traded microcap
opportunities in the resource sector. Furthermore, EMD offers
consulting services on mergers, acquisitions and investment banking
catered specifically to the client's situation. 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. FOREST GATE ENERGY INC. CONTACT:
ROBERT KRAMBERGER, V-P, INVESTOR
RELATIONS1-866-666-3040rkramberger@forestgate.cawww.forestgate.ca
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