Press release from Marketwire
Forent Announces Participation of W. Brett Wilson in Close of First Tranche of Private Placement and Provides Update on Nova Scotia Drilling Program
Monday, December 19, 2011
Forent Announces Participation of W. Brett Wilson in Close of First Tranche of Private Placement and Provides Update on Nova Scotia Drilling Program07:00 EST Monday, December 19, 2011CALGARY, ALBERTA--(Marketwire - Dec. 19, 2011) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce the close of the first tranche of its brokered flow through share offering with Global Maxfin Capital Inc., previously announced on November 14, 2011.On December 16, 2011, a total of 13,337,471 flow through common shares under the offering, were issued to subscribers in British Columbia, Alberta, Ontario, and Nova Scotia for aggregate proceeds of $1,867,246. Mr. Wilson purchased shares worth a total of $350,000 in this initial close or almost 19% of the raise.The securities issued in the Offering will be subject to a hold period of four months plus one day from closing. The remainder of the Offering is scheduled to close on or about December 23, 2011.Proceeds from the Offering will be used for the drilling of three exploration wells on the Company's Alton Block in Nova Scotia. The drilling rig that the Company plans to use is currently drilling a well in Nova Scotia for a private company. While Forent had assumed that the rig would be available by the middle of December, it is now anticipated that the rig will be delayed until after Christmas. As such, the Company is planning to initiate drilling in early January. Forent is sharing the cost of moving the drilling rig from Quebec to Nova Scotia and back with the company currently using the rig.Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements such as the estimates of reserves, the references to Forent's exploration program and drilling program and capital expenditures relating to, and timing of, such programs are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward- looking statements. There are uncertainties inherent in forward-looking information, including factors beyond Forent's control, and no assurance can be given that the programs will be completed on time, on budget or at all. In addition, there are numerous uncertainties inherent in estimating reserves, including many factors beyond Forent's control, and no assurance can be given that the indicated level of reserves or the recovery thereof will be realized. Forent undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in Forent's filings with Canadian securities regulators, which filings are available at www.sedar.com.The term boe may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet equal to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.FOR FURTHER INFORMATION PLEASE CONTACT: Tom LesterForent Energy Ltd.President, CEO & CFO(403) 262-9444 #firstname.lastname@example.orgThe 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 press release.