CALGARY, ALBERTA--(Marketwire - Feb. 22, 2013) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce the closing of its previously announced $1,500,000 non-brokered private placement (the "Offering"). Pursuant to the Offering, Forent issued 30,000,000 common shares in the capital of the Company at a price of $0.05 per Common Share. 74% of the Offering (22,300,000 common shares) were purchased by directors, officers, employees and consultants and affiliates of the Company. The proceeds of the Offering, together with the proceeds from the recently completed Mervin property sale will be used for general corporate purposes including elimination of accounts payable, along with a commitment to pursue strategic property acquisitions and exploit the significant opportunities within the Montgomery and Alton assets for which the Company currently has well over $5 million in cash available.
In addition the Company is also pleased to announce the official start of Mr. Richard Wade, its new President and Chief Executive Officer. Forent also announces the resignation of Mr. Tom Lester as a director of the Company and the concurrent cancellation of 1,804,167 outstanding stock options. The board of directors of Forent thanks Mr. Lester for his service to the Company as a director, as Chief Financial Officer and as Interim President and Chief Executive Officer.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond Forent's control, and no assurance can be given that the programs will be completed on time, on budget or at all. In addition, there are numerous uncertainties inherent in estimating reserves, including many factors beyond Forent's control, and no assurance can be given that the indicated level of reserves or the recovery thereof will be realized. Forent undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in Forent's filings with Canadian securities regulators, which filings are available at www.sedar.com.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.