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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2013) - Forum Uranium Corp. (News - Market indicators) ("Forum" or the "Company") is pleased to announce that it has closed the second tranche of its private placement previously announced on January 14, 2013, January 23, 2013 and February 15, 2013. The Company has raised an additional $1,605,100 through the issuance of 411,250 flow through common shares at a price of $0.40 per flow through share and 4,116,000 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 22, 2015.
The Company paid finder's fees of $102,270 and issued 289,450 finder warrants exercisable at a price of $0.35 for a period of two years expiring February 22, 2015. All securities are subject to a four month hold period expiring June 23, 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