TORONTO, Nov. 24, 2016 /CNW/ - Forrester Metals Inc. (the "Company" or "Forrester") (NEX: VEM.H) announces that the Company is undertaking a non-brokered private placement of up to $500,000 through the issuance of up to 8,333,333 units, each unit being priced at 6 cents and comprising one common share and one common share purchase warrant exercisable at 9 cents for a one year period post closing. The placement is expected to be completed by November 30, 2016 and is subject to regulatory approval.
The net proceeds of the private placement will be used to advance the Company's recently acquired Bongará Zinc Project comprising the Bongará Zinc Mine and the Charlotte Bongará Zinc Project, two high grade zinc-oxide properties located in north-central Peru, as well as for general working capital purposes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release and those set out in Forrester's Annual Information Form for the year ended December 31, 2015, and the outstanding legal matters between Forrester and Empresa Minera Los Quenuales S.A. ("LQ"), a Peruvian subsidiary of the Glencore group that obtained a judgment in the Ontario Superior Court of Justice (the "Judgment") which may enforce the Judgment or Forrester may not able be able to negotiate a satisfactory settlement with LQ in relation to the Judgment. Forrester disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Forrester Metals Inc.
For further information: For further information on Vena Resources, please visit the Company website at www.venaresources.com, or contact Martin Walter, President, at 416 364 7739 extension 2405 or [email protected]