17 April 2023
Vancouver, B.C., April 17, 2023 - Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or “the Company”) announces a non-brokered private placement of up to $2,000,000 through the issuance of a combination of units (the “NFT Units”) at a price of $0.10 per NFT Unit and flow through units (the “FT Units”) at a price of $0.12 per FT Unit. Proceeds raised from the issuance of the FT Units will be used by Forum to conduct drilling on its Nunavut Uranium Project in the Thelon Basin, a geological equivalent to the Athabasca Basin.
Dr. Rebecca Hunter, Vice President, Exploration commented, “Forum acquired land formerly held by Cameco adjacent to Orano’s 133 million pound Kiggavik deposits by claim staking in 2022. Cameco made two discoveries of high grade, unconformity-style uranium deposits, which Forum now owns and plans to delineate with further drilling. This years’ program will infill drillholes by Cameco on the Tatiggaq deposit as well as test two of several other target areas identified by Cameco. The two grassroots targets exhibit favourable geophysics and similar sandstone alteration and uranium enrichment observed above unconformity deposits such as the giant Cigar Lake deposit in the Athabasca.”
Each NFT Unit will be comprised of one common share and one common share purchase warrant (a “NFT Warrant”). Each NFT Warrant is exercisable to purchase one common share at a price of $0.15 per share for a period of two years from the date of the close of the financing. Each FT Unit will be comprised of one flow through common share and one common share purchase warrant (a “FT Warrant”). Each FT Warrant is exercisable to purchase one non-flow through common share at a price of $0.16 per share for a period of two years from the date of the close of the financing.
The Company intends to pay finders fees in accordance with the policies of the TSX Venture Exchange. The private placement is subject to approval by the TSX Venture Exchange and all securities are subject to a four-month hold period.
Proceeds raised from the issuance of the FT Units will be used by Forum to incur Canadian Exploration Expenses on its Canadian uranium and critical mineral properties and will be used as deemed appropriate for qualifying expenses for the critical mineral tax credit (CMETC). Proceeds raised from the issuance of the NFT Units will be used for general working capital.