Forum Energy Metals Corp. (TSX-V: FMC) (OTCQB: FDCFF) announces that it has closed its previously announced non-brokered private placement for proceeds of $2,999,923 through the issuance of 22,221,649 flow through shares at a price of $0.135 per FT Share (see news release dated May 24, 2023). Forum holds a 100% interest in 95,000 hectares of ground that Cameco Corporation extensively drilled from 2008 to 2012 adjacent to Orano’s 133 million pound Kiggavik uranium deposit in the Thelon Basin. A 2,000 metre drill program will commence in July, 2023 (Figure1).

 

Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “Forum’s Nunavut Uranium Project in the Thelon Basin is a geologic analogue to the prolific Athabasca Basin for high grade, unconformity style uranium deposits. Our ground includes two uranium deposits, in addition to over 20 highly prospective targets. I am excited for the opportunity to continue delineating these deposits and explore for new discoveries on our 100% owned property.”

Proceeds raised from the issuance of the FT Shares will be used by Forum to incur Canadian Exploration Expenses on its Canadian uranium and critical mineral properties in Nunavut and Saskatchewan and will be used for qualifying expenses for the critical mineral tax credit (CMETC). In addition, to the extent any expenditures are incurred in the Province of Saskatchewan, they will also qualify for the Saskatchewan mineral exploration tax credit. The FT Shares are subject to a four month hold period expiring October 22, 2023.

Figure 1 The Thelon Basin is geologically comparable to the Athabasca Basin in Saskatchewan, a major producer of uranium.

About Forum Energy Metals

Forum Energy Metals Corp. is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada’s Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt.