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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData

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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. 

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19 Dec 2014