-- Forge Resources (FRG.CN) closed the second tranche of its previously announced brokered private placement financing, it said Thursday.
The company issued an aggregate of 5.3-million flow-through units that intend to qualify as "flow-through shares" at $0.50 apiece for $2.7 million. The offering was completed for total proceeds of $6 million.
Each FT unit consists of one common share issued on a "flow-through" basis and one common share purchase warrant with each warrant entitling the holder to buy a share for a three-year period expiring May 7, 2029, at $0.70 per warrant share.
Proceeds will be used to incur exploration expenses that qualify as "Canadian exploration expenses". Such expenses will be incurred on or before Dec. 31, 2027, and renounced to purchasers of the FT units with an effective date no later than Dec. 31, 2026, it said.
Shares of the company were last seen up 1.2% at $0.435 on the Canadian Securities Exchange.
Price: $0.44, Change: $+0.01, Percent Change: +1.16%