Jaguar Financial announces acquisition of units of Forest Gate Resources Inc.



    TORONTO, June 3 /CNW/ - Jaguar Financial Inc. ("Jaguar") (TSX: JFI)
announced its acquisition of 11,482,572 Units of Forest Gate Resources Inc.
("Forest Gate"; TSX: FGT) at a price of $0.07 per Unit in a brokered private
placement which closed on June 2, 2008. Each Unit is comprised of one common
share and one common share purchase warrant. Based on information contained in
documents filed publicly by Forest Gate, the 11,428,572 common shares
represent approximately 8.15% of the total issued and outstanding common share
of Forest Gate, and the 11,428,572 common shares issuable on exercise of the
warrants represent approximately 7.6% of the total issued and outstanding
common shares of Forest Gate, assuming the exercise of the warrants. Together,
the 22,857,144 common shares underlying the Units acquired by the Offeror
represent approximately 15.1% of the total issued and outstanding common
shares of Forest Gate, after giving effect to the assumed exercise of the
warrants.
    Vic Alboini, Chairman and Chief Executive Officer of Jaguar, acquired
ownership of 1,111,112 Flow Through Units of Forest Gate at a price of $0.09
per Flow Through Unit, each Flow Through Unit being comprised of one common
share and one half of one common share purchase warrant. The Flow Through
Units were acquired on a private placement basis on June 2, 2008. Based on
information contained in documents filed publicly by Forest Gate, the
1,111,112 common shares represent approximately 0.8% of the total issued and
outstanding common shares of Forest Gate, and the 555,556 common shares
issuable on exercise of the warrants represent approximately 0.4% of the total
issued and outstanding common shares of Forest Gate, assuming the exercise of
these warrants. Together the 1,666,668 common shares underlying the Units
represent approximately 1.2% of the total issued and outstanding common shares
of Forest Gate, after giving effect to the assumed exercise of these warrants.
    Northern Financial Corporation ("Northern") holds broker warrants to
acquire up to 4,095,976 common shares of Forest Gate at exercise prices
ranging from $0.12 to $0.17 per whole warrant, representing approximately 2.8%
of the issued and outstanding common shares of Forest Gate.
    Although there is no agreement between Jaguar, Northern and Mr. Alboini
(collectively the "Parties"), the Parties may be treated as acting jointly and
in concert with regard to their respective ownership of securities of Forest
Gate. Assuming the exercise of all warrants to acquire common shares of Forest
Gate currently held by the Parties, together with the common shares of Forest
Gate held by the Parties, the Parties would exercise control or direction over
an aggregate of 29,932,086 common shares of Forest Gate representing
approximately 17.6% of the issued and outstanding common shares.
    The Parties may, depending on market and other conditions, acquire
additional securities of Forest Gate, through market transactions, private
agreement or otherwise. The Parties may, depending on market or other
conditions, sell any or all of their respective common shares of Forest Gate.

    About Jaguar Financial Inc.

    Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.

    The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause actual
results, performances or achievements of Jaguar to be materially different
from those implied by such forward looking statements.





For further information:

For further information: Kyler Wells, General Counsel, (416) 644-8177

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Jaguar Financial Corporation

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