21 November 2023
Vancouver, B.C., November 21, 2023 – Forum Energy Metals Corp. (TSX.V: FMC, OTCQB: FDCFF) (“Forum” or the “Company”) is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of agents (the "Agents") in connection with a best efforts, private placement (the "Offering") for aggregate gross proceeds of up to C$9,000,000 from the sale of the following:
Each Charity FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$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 C$1,500,000 (the "Agents’ Option").