On December 12, 2023, Forum Energy Metals Corp. closed the transaction. The company issued up to 48,648,648 charitable flow-through units at a price of CAD 0.185 per charitable flow-through unit for gross proceeds of up to CAD 9,000,000 which includes 8,108,108 full exercised over allotment option and up to 11,366,787 units at a price of CAD 0.12 per unit for gross proceeds of up to CAD 1,364,014; for aggregate gross proceeds of up to CAD 10,364,014. Each warrant shall entitle the holder to purchase one common share at any time on or before December 12, 2025. The transaction is subject to a four-month restricted period in Canada ending on April 13, 2024. The transaction included participation from insiders of the company for CAD 69,600. The company paid to the agents cash commissions totaling CAD 588,289 and issued to the agents 3,321,326 warrants. Each compensation warrant shall entitle the holder thereof to purchase one common share at a price of CAD 0.12 at any time on or before December 12, 2025.
The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 77 placees, 5 existing insiders for 580,000 and 2 pro groups for 1,829,972.