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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData

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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. 

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20 Aug 2014