VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2013) - Forum Uranium Corp. (TSX VENTURE:FDC)
("Forum" or the "Company") is pleased to announce that it has closed the first tranche of its private placement previously announced on January 14, 2013 and January 23, 2013. The Company has raised $428,050 through the issuance of 840,000 flow through common shares at a price of $0.40 per flow through share and 263,000 units at a price of $0.35 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.49 for a period of two years expiring February 5, 2015.
The Company paid finder's fees of $25,102 and issued 63,770 finder warrants exercisable at a price of $0.35 for a period of two years expiring February 5, 2015. All securities are subject to a four month hold period expiring June 6, 2013.
Proceeds from this financing will be used for drilling in the Maurice Bay deposit area on the NW Athabasca project, exploration on the newly acquired Clearwater claims adjacent to the Fission/Alpha PLS discovery in the Athabasca Basin and for general working capital.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
Neither 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 release.