Forum Development Corp.
TSX VENTURE : FDC

Forum Development Corp.

March 23, 2006 16:53 ET

Forum Announces Closing of Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Forum Development Corp. (TSX VENTURE:FDC) is pleased to announce that it has closed the second and final tranche of its brokered private placement previously announced on February 9, 2006. The closing of the first tranche of the private placement was announced on March 13, 2006. The Company has raised a further $1,120,200 through the issuance of 1,164,000 flow-through common shares and 1,196,000 non flow-through units. The flow-through common shares were sold at a price of 50 cents per common share. The non flow-through units were sold at a price of 45 cents per unit and are comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at a price of 55 cents per common share at any time prior to September 22, 2007.

The total gross proceeds raised via this placement are $5,025,000 which includes the agents' overallottment option.

A commission was paid in respect of the second tranche financing in the aggregate amount of $72,274 and an aggregate of 152,040 broker warrants were issued entitling the agents to acquire up to 152,040 common shares at a price of 50 cents per common share until March 22, 2007. All securities issued pursuant to the second tranche of the private placement are subject to a hold period expiring on July 23, 2006. This financing is subject to regulatory approval.

Proceeds from this financing will be used for further of exploration on the Company's uranium properties located in the Athabasca Basin, Saskatchewan.

Forum Development Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of energy projects. The Company has a 100% interest in over 165,000 hectares of uranium exploration properties and a 65% interest in the Costigan Lake Joint Venture, located in the prolific Athabasca Basin, Saskatchewan. Forum is also evaluating a Coalbed Methane (CBM) project in the Merritt Coalfield in southern British Columbia. For further information about Forum, visit the Company's website at www.forumdevelopmentcorp.com.

ON BEHALF OF THE BOARD

Richard Mazur, P. Geo., President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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