VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/13 -- Forum Uranium Corp. (TSX VENTURE: FDC) ("Forum" or the "Company") is pleased to announce that it has closed the third tranche of its private placement previously announced on January 14, 2013, January 23, 2013 and February 15, 2013. The Company has raised an additional $312,700 through the issuance of 395,000 flow through common shares at a price of $0.40 per flow through share and 442,000 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 5, 2015.
The Company paid finder's fees of $21,329 and issued 57,190 finder warrants exercisable at a price of $0.35 for a period of two years expiring March 5, 2015. All securities are subject to a four month hold period expiring July 6, 2013.
The Company has raised a total of $658,500 in flow through shares and $1,687,350 in Units for a total of $2,345,850. Forum anticipates closing the final tranche of this private placement next week.
Proceeds from this financing will be used for drilling in the Maurice Bay deposit(i) 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 on the NW Athabasca Joint Venture with partners NexGen Energy, Cameco Corporation and AREVA Resources Canada. Plans are being formulated to conduct an airborne magnetic, electromagnetic and radiometric survey on the Clearwater project this spring when the snow clears.
(i) A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
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.
Forum Uranium Corp.
President & CEO
Forum Uranium Corp.
Director, Corporate Affairs
CHF Investor Relations
Senior Account Manager
416-868-1079 x 228
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