TORONTO, Nov. 30, 2016 /CNW/ - Forrester Metals Inc. (the "Company" or "Forrester") (NEX: VEM.H) is pleased to announce that the Company has completed the recently announced non-brokered private placement with the issuance of 10,375,164 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. Included in the $622,510 is $138,000, representing 2,299,999 units that were issued in settlement of debt. Five insiders participated in the private placement with the purchase of $228,000 of the units and finder's fees of $4,530.60 and finder's warrants totaling 75,510 units were paid to Pollitt & Co. Inc. and Haywood Securities Inc. The private placement is subject to approval by the NEX Exchange ( "NEX"), and the securities issued are subject to a four month hold period from the date of issue.
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.
SOURCE Forrester Metals Inc.
For further information: on Forrester Metals Inc., please visit the Company website at www.venaresources.com, or contact Martin Walter, President, at 416 364 7739 extension 2405 or [email protected]