Forum Energy Metals Corp. announced a best efforts private placement for issuance of up to 40,540,540 charitable flow-through units at a price of CAD 0.185 per charitable flow-through unit for gross proceeds of up to CAD 7,500,000, and up to 12,500,000 units at a price of CAD 0.12 per unit for gross proceeds of up to CAD 1,500,000; for aggregate gross proceeds of up to CAD 9,000,000 on November 21, 2023. Each charitable flow-through unit will consist of one flow-through common share and one half of one common share purchase warrant.

Each unit will consist of one common share and one half of one warrant. Each whole warrant shall entitle the holder to purchase one common share at a price of CAD 0.185 at any time on or before that date which is 24 months after the closing date of the offering. The agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the offering, to sell up to an additional 8,108,108 charity flow-through units for additional gross proceeds of up to CAD 1,500,000.

The securities of the company issuable from the sale of these offered securities will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the offering. The transaction is scheduled to close on or around December 12, 2023, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.