TORONTO, Dec. 8, 2016 /CNW/ - Forrester Metals Inc. (the "Company" or "Forrester") (NEX: VEM.H) is pleased to announce that the Company has received additional subscriptions to its recently announced non-brokered private placement. Since its press release of November 30, Forrester has received subscriptions for an additional 738,510 units representing additional proceeds of $116,000. Each unit issued pursuant to the offering was priced at 6 cents and was comprised of one common share and one common share purchase warrant exercisable at 9 cents for a one year period post closing. These additional subscriptions result in the placement comprising a total 12,308,498 units, raising total gross proceeds for the offering to $738,510. No additional commissions or finder's fees were paid in connection with the additional subscriptions.
Management of the Company is encouraged by the additional interest shown in this financing.
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].