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Forum Uranium Closes $471,500 First Tranche of Financing

Forum Uranium Corp. (TSXV:FDC) announce that it has closed the first tranche of its private placement previously announced on December 21, 2015.

As quoted in the press release:

The Company has raised $471,500 through the issuance of 9,430,000 flow through units at a price of $0.05 per unit. Each unit consists of one flow through common share and one-half of one share purchase warrant. Each whole flow through warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of two years expiring December 29, 2017.

The Company paid finder’s fees of $33,005 and issued 660,100 finder warrants exercisable at a price of $0.05 for a period of one year expiring December 29, 2016. All securities are subject to a four month hold period expiring April 30, 2016.

The proceeds from this financing will be used for drilling at its 100% owned Highrock and Highrock South projects nearby Cameco’s Key Lake Mine and Mill and gravity and radon surveys at its 100% owned Fir Island project as a follow-up from a successful drill campaign earlier in the year.

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