Vancouver, B.C., December 29, 2015 - Forum Uranium Corp. (FDC: TSX-V) (“Forum” or the “Company”) is pleased to announce that it has closed the first tranche of its private placement previously announced on December 21, 2015. The Company has raised $471,500 through the issuance of 9,430,000 flow through units at a price of $0.05 per unit. Each unit consists of one flow through common share and one-half of one share purchase warrant. Each whole flow through warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of two years expiring December 29, 2017.
The Company paid finder’s fees of $33,005 and issued 660,100 finder warrants exercisable at a price of $0.05 for a period of one year expiring December 29, 2016. All securities are subject to a four month hold period expiring April 30, 2016.
The proceeds from this financing will be used for drilling at its 100% owned Highrock and Highrock South projects nearby Cameco’s Key Lake Mine and Mill and gravity and radon surveys at its 100% owned Fir Island project as a follow-up from a successful drill campaign earlier in the year.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Canada Uranium, NexGen and Uracan.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Matt Terriss, Director, Corporate Affairs