On May 19, 2023, Forum Energy Metals Corp. closed the transaction. The company announced that it has issued 3,254,320 non flow-through units at a price of CAD 0.10 per unit and 5,100,000 flow through units at a price of CAD 0.12 per unit for the aggregate gross proceeds of CAD 937,432 in its second and final tranche. In connection with the final tranche, the company paid finders fees of CAD 45,360 and issued 453,600 finder warrants at a price of CAD 0.10 for a term of two years expiring May 19, 2025. All securities issued are subject to a four month hold period expiring September 20, 2023. The company has raised a total of CAD 1,461,032 and issued 12,867,654 non flow-through units and flow through units in the transaction. The transaction included participation from insiders for 380,000 non flow-through units and flow through units. The company has received CAD 158,431 pursuant to exemption provided under Regulation D from 6 investors.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 27 placess including existing insider involvement of four insiders for 180,000 flow-through shares and 220,000 non flow-through shares.