SYMBOL & EXCHANGE: FGE-V
MONTREAL, Dec. 17 /CNW Telbec/ - Forest Gate Energy Inc. reports that it
has completed a non-brokered private placement by issuing Flow Through
Units (the "Unit") comprising 4,100,000 Flow Through Common Shares for
gross proceeds to Forest Gate of $410,000.
Each Unit consisted of one Flow Through Common Share with a deemed issue
price per share of ten cents ($0.10), and one Common Share Purchase
Warrant entitling the holder to acquire one additional common share at
an exercise price of twenty-five cents ($0.25) for a period of two
years. The Units will be subject to a four-month hold period.
Forest Gate will use the proceeds from the issuance of the flow-through
units to explore its 100% owned Pershing Gold Property located near
As a result of this private placement, there are 47,629,982 common
shares of Forest Gate issued and outstanding.
The TSX Venture Exchange provided conditional acceptance for this filing
on December 15, 2010.
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX Venture
Exchange under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy and
other resources in Canada and internationally.
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements to
differ materially from those expressed in, or implied by, such
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry
conditions including changes in laws and regulations including adoption
of new environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results of
exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth potential
of Forest Gate's various assets; fluctuations in foreign exchange or
interest rates; the ability to access sufficient capital from internal
and external sources; and obtaining required approvals of regulatory
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or the accuracy of this
SOURCE Forest Gate Energy Inc.
For further information: For further information:
ROBERT KRAMBERGER, V-P, INVESTOR RELATIONS