Forest Gate Arranges Private Placement of Up to $220,000
October 02 2011 - 9:18AM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, Oct. 5, 2011 /CNW/ - Forest
Gate Energy Inc. reports that it is arranging a non-brokered
private placement up to $220,000 by issuing an aggregate of up to
3,666,666 flow-through units at a price of $0.06 per unit. Each
flow-through unit consists of one flow-through common share and one
non-flow-through common share purchase warrant. Each warrant will
entitle the holder to purchase one additional common share of
Forest Gate at a price of $0.12 until 24 months from the date of
issuance of the warrants. 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
Quebec. The private placement is subject to regulatory approval
including that of the TSX Venture Exchange. 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. FOREST GATE ENERGY INC. CONTACT:
Robert Kramberger, V-P, Investor
Relations1-866-666-3040rkramberger@forestgate.cawww.forestgate.ca
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