Forum Development Corp.

Forum Development Corp.

August 10, 2005 14:54 ET

Forum Closes Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Forum Development Corp. (TSX VENTURE:FDC) is pleased to announce that it has closed the second and final tranche of its $1 million non-brokered private placement previously announced on July 5, 2005 and August 2, 2005. The Company has raised a total of $1,202,095 through the issuance of 671,000 flow-through shares and 5,171,725 non flow-through units.

Flow-through shares were issued at a price of 25 cents per common share. Non-flow-through units were issued at 20 cents per unit and are comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of 30 cents at any time prior to 12 months from the respective closings of this offering.

Finders' fees were paid on a portion of the financing totaling $15,610 cash and 169,910 warrants with the same terms as those issued to subscribers. All securities issued pursuant to the private placement are subject to a four month hold period. A total of 1,075,000 units were acquired by certain insiders of the Company.

Proceeds from this financing are being used for exploration on the Company's uranium properties located in the Athabasca Basin, Saskatchewan. Forum mobilized a ten man crew in early July to conduct prospecting, geological mapping and sampling on the Maurice Point project. Forum's exploration team has recently relocated to the Key Lake Road project located on the southeast portion of the Basin, 20 kilometres south of the Key Lake Mine/Mill complex. Samples from the exploration program at Maurice Point have been shipped to Loring Laboratories Ltd. of Calgary, Alberta for analysis.

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 145,000 hectares of uranium exploration properties located in the prolific Athabasca Basin, Saskatchewan. Forum is also evaluating a Coalbed Methane (CBM) project in the Merritt Coalfield in southern British Columbia.


Rick Mazur, President & CEO

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

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