Forest Gate Closes $199,200 Private Placement
October 17 2011 - 7:32PM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, Oct. 18, 2011 /CNW Telbec/ -
Forest Gate Energy Inc. reports that it has completed a private
placement by issuing an aggregate of 166 flow-through units at a
price of $1,200 per unit to for gross proceeds to Forest Gate of
$199,200. Each flow-through unit consists of twenty thousand
(20,000) flow-through common shares and twenty thousand (20,000)
non-flow-through common share purchase warrants. Each warrant will
entitle the holder to purchase one additional common share of
Forest Gate at a price of $0.12 until October 17, 2013. Forest
Gate will use the proceeds from the issuance of the flow-through
units to explore its 100% owned Pershing Iron/Gold Property located
in the Abitibi Region of Québec. As a result of the private
placement, there are 83,275,630 common shares of Forest Gate issued
and outstanding. Under applicable securities legislation and
policies of the TSX Venture Exchange, the securities issued in the
private placement are subject to a hold period expiring on February
18, 2012. 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. 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. FOREST GATE ENERGY
INC. CONTACT: ROBERT KRAMBERGER, V-P, INVESTOR
RELATIONS1-866-666-3040RKRAMBERGER@FORESTGATE.CAWWW.FORESTGATE.CA
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