VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2013) - Forum Uranium Corp. (TSX VENTURE:FDC) ("Forum" or the "Company") is pleased to announce that it has closed the fourth and final tranche of its private placement previously announced on January 14, 2013, January 23, 2013 and February 15, 2013. The Company has raised an additional $283,500 through the issuance of 625,000 flow through common shares at a price of $0.40 per flow through share and 95,000 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 March 21, 2015.
The Company paid finder's fees of $19,337.50 and issued 49,000 finder warrants exercisable at a price of $0.35 for a period of two years expiring March 21, 2015. All securities are subject to a four month hold period expiring July 22, 2013.
The Company has raised a total of $908,500 in flow through shares and $1,720,600 in Units for a total of $2,629,100. 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.
Drilling is currently underway by Forum on the NW Athabasca Joint Venture with partners NexGen Energy, Cameco Corporation and AREVA Resources Canada to follow up on two successful drill campaigns in 2012 where grades of up to 2.48% U3O8 over 1.5 metres was intersected. Plans are being formulated to conduct an airborne magnetic, electromagnetic and radiometric survey on the Clearwater project this spring, followed by a boulder prospecting, geological mapping and geochemical sampling program this summer.
Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.