CALGARY, Alberta, Sept. 4 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation
(OTC Bulletin Board: FRUEF), by Larry W. Youell, President and CEO:
Forum Energy Corporation confirms additional details regarding the press
release issued on July 30, 2003, wherein the Company announced that it had
closed a private placement made in conjunction with the acquisition of Forum
Exploration Inc.
On July 30, 2003, the Company ceased to accept any additional
subscriptions to the Private Placement.
Subsequently on August 25th, 2003 the formal closing was completed when
the Company issued 19,438,295 common shares at a price of US$0.10 per share.
Aggregate proceeds of the first closing were over US$1.943 million.
As previously reported due to the high level of demand, the original
Offering Memorandum of US$2 million was oversubscribed.
The Company is therefore in the process of completing a second closing of
the private placement in which it will issue the balance of approximately
2,100,000 common shares, at a price of US$0.10 per share.
This release contains "forward-looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations for
more information please contact Mr. Larry Youell Tel: 403-290-1676 e-mail
lyouell@forumenergy.com web site http://www.forumenergy.com
SOURCE Forum Energy Corporation
 back to top
Related links:
http://www.forumenergy.com
CONTACT:
Larry Youell of Forum Energy Corporation,
+1-403-290-1676, or lyouell@forumenergy.com
|
