Key Developments: Forent Energy Ltd (FEN.V)

FEN.V on TSX Venture Exchange

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19 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Forent Energy Ltd closes final tranche of equity private placement
Tuesday, 11 Feb 2014 09:00am EST 

Forent Energy Ltd:Says it has closed on the final tranche of its previously announced non-brokered private placement.Says proceeds of $106,000 from the issuance of 1,325,000 common shares at $0.08 per share were received.Says the proceeds from the private placements will be used to fund crude oil development expenditures on the recently acquired Twining property, battery expansion plans on the Provost facility and administrative expenses of the Corporation.  Full Article

Forent Energy Ltd completes $1.1 mln of non-brokered private placements
Friday, 31 Jan 2014 09:00am EST 

Forent Energy Ltd:Says it has raised $1.1 mln through two previously announced non-brokered private placements of flow-through common shares and common shares by way of closes on Dec. 31, 2013 and Jan. 29.Says it closed on gross proceeds of $485,000, consisting of $124,000 from the issuance of Flow-Through Shares at $0.10 per share and $361,000 from the issuance of common shares at $0.08 per share.Says the proceeds will be used to fund crude oil development expenditures, which will qualify as renounceable exploration expenses, on the central Alberta properties that were acquired in Oct. 2013 and general and administrative expenses of the Corporation.  Full Article

Forent Energy Ltd announces $1.0 million flow-through financing; Chairman W. Brett Wilson Commits $250,000 to Financing
Friday, 13 Dec 2013 08:30am EST 

Forent Energy Ltd:Says it plans to issue and sell on a non‐brokered private placement basis up to 10,000,000 common shares of the company to be issued on a flow‐through basis at a price of $0.10 per common share for total consideration of $1,000,000.Says it will renounce to subscribers of the flow‐through shares, effective on or before Dec. 31 Canadian Exploration Expense in an amount equal to the aggregate gross proceeds.Says the funds will be used for crude oil development expenditures, which will qualify as renounceable exploration expenses, on the central Alberta properties that were acquired in Oct. 2013.Says W. Brett Wilson, the company's Chairman, owns directly, indirectly and through affiliates, about 22.3% of the common shares of Forent and has indicated he will subscribe for at least his pro rata share of the flow‐through Shares being offered.Says closing of the private placement is expected to occur on or about Dec. 23.  Full Article

Forent Energy Ltd Announces Purchase Of Crude Oil Properties In Alberta
Monday, 7 Oct 2013 06:50am EDT 

Forent Energy Ltd announced that pursuant to a purchase and sale agreement (the Agreement) with an independent Canadian oil and gas company (the Vendor), Forent has closed an acquisition of low decline, high netback, medium gravity oil (22 to 29 degree API) producing properties (the Properties) in central Alberta (the Acquisition) for a total purchase price of $7.5 million. The Properties currently produce approximately 150 barrels of oil equivalent per day (boe/d) (80% oil and liquids). The effective date of the Acquisition is August 1, 2013.  Full Article

Forent Energy Ltd Announces Closing Of $1.5 Million Private Placement Financing
Friday, 22 Feb 2013 08:45am EST 

Forent Energy Ltd announced that 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.  Full Article

Forent Energy Ltd Announces Completion Of Heavy Oil Property Sale And Fully Subscribed Equity Financing
Monday, 4 Feb 2013 08:45am EST 

Forent Energy Ltd announced that it has completed the previously announced sale of its Mervin heavy oil property to Husky Oil Operations Limited (Husky) for $5.56 million. The Mervin disposition has an effective date of December 31, 2012. The Company intends to use the proceeds to fund working capital and future capital budget requirements.Management of Forent is also announced that it has scheduled closing of its previously announced common share financing for February 14, 2013. The offering is fully subscribed in the amount of $1.5 million of common shares at a price of $0.05 per share. Following completion of the financing and the sale of the Mervin assets, and the satisfaction of outstanding payables, the Company will have a net working capital position of approximately $6 million.  Full Article

Forent Energy Ltd Announces New President And Chief Executive Officer And Private Placement Financing
Wednesday, 30 Jan 2013 08:45am EST 

Forent Energy Ltd announced that the appointment of Richard Wade as the new President and Chief Executive Officer of Forent, effective mid-February. Mr. Wade takes over from Tom Lester, who has been Chief Financial Officer since September 2008 and was appointed as Interim President and Chief Executive Officer of the Company in August 2010. Forent is also announced a proposed non-brokered private placement (the Offering) of between $1,000,000 and $1,500,000 comprised of common shares in the capital of the Company at a price of $0.05 per Common Share. Up to $500,000 of the Shares will be issued on a flow-through basis pursuant to the Income Tax Act (Canada) (FT Shares) at a price of $0.06 per FT Share. All securities issued pursuant to this Offering will be subject to a four month hold period.If the Offering is fully subscribed, there will be 163,849,048 common shares outstanding. The proceeds of the offering, together with the anticipated Mervin property sales proceeds will be used for general corporate purposes including elimination of an accounts payable balance exceeding $1.0 million along with investments in property acquisitions and the Montgomery and Alton Blocks.  Full Article

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