Forest Gate Energy Announces Non-Brokered Private Placement
June 28 2011 - 4:07PM
PR Newswire (Canada)
CALGARY, June 28, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, June 28, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) announces that it will be undertaking a non-brokered
private placement whereby the Company intends to raise up to
$100,000 through the issuance of oil and gas "flow-through" units
(the "Units") at a price of $0.08 per Unit. Each Unit is comprised
of one "flow-through" common share in the share capital of the
Corporation and one common share purchase warrant of the
Corporation, with each warrant entitling the holder thereof to
acquire one additional common share in the share capital of the
Corporation at an issue price of $0.18 per share for a period of
two years. The Units will be issued pursuant to applicable
prospectus and registration exemptions and will be subject to a
four-month hold period. The Company may pay, where appropriate,
commissions and finder's fees in connection with this private
placement, in accordance with applicable securities laws and the
rules of the TSX Venture Exchange. It is anticipated that this
financing will be completed on or prior to close of business on
June 29, 2011. This financing is subject to the usual regulatory
approvals. The proceeds will primarily be used to incur eligible
expenditures on Forest Gate's oil and gas properties situated in
Canada. 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 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. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/June2011/28/c9926.html p
ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ ua
href="mailto:rkramberger@forestgate.ca"RKRAMBERGER@FORESTGATE.CA/a/ubr/
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