CALGARY, ALBERTA–(Marketwired – June 25, 2015) – Forent Energy Ltd. (TSX VENTURE:FEN) (“Forent” or the “Company”) is pleased to announce it is increasing the size of its previously announced equity offerings, being the acquisition of an Alberta-based private resource company and a concurrent non-brokered private placement, from a contemplated aggregate of $2.0 million to an aggregate of up to $2.5 million at 40 cents per share on a post-consolidation basis. The Company will complete a 20:1 consolidation of its common shares prior to the closing which is anticipated to be on or about June 29, 2015, and is subject to TSX Venture Exchange and regulatory approval. The shares issued pursuant to the private placement will have a hold period of four months and one day from the date of issuance.
Net proceeds from the private placement will be used to strengthen Forent’s balance sheet and for general corporate purposes.
Shares of Forent trade on the TSX Venture Exchange under the symbol “FEN”.
ADVISORY: Certain information in this news release, including the contemplation of a non-brokered private placement and the acquisition of an Alberta-based private resource company, constitute forward-looking statements under applicable securities laws. Although Forent believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Forent can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address the timing of the close of the Company’s non-brokered private placement, the anticipated aggregate amount to be raised from the non-brokered private placement, the use of funds from the non-brokered private placement, TSX Venture Exchange and regulatory approval of the non-brokered private placement, the 20:1 consolidation of common shares, and the timing of closing on the acquisition of an Alberta-based private resource company, are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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.
Forent Energy Ltd.
President & CEO
(403) 262-9444 #211
Forent Energy Ltd.
Brad R. Perry
(403) 262-9444 #208