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CALGARY, ALBERTA--(Marketwire - Feb. 22, 2013) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce the closing of its previously announced $1,500,000 non-brokered private placement (the "Offering"). Pursuant to the Offering, Forent issued 30,000,000 common shares in the capital of the Company at a price of $0.05 per Common Share. 74% of the Offering (22,300,000 common shares) were purchased by directors, officers, employees and consultants and affiliates of the Company. The proceeds of the Offering, together with the proceeds from the recently completed Mervin property sale will be used for general corporate purposes including elimination of accounts payable, along with a commitment to pursue strategic property acquisitions and exploit the significant opportunities within the Montgomery and Alton assets for which the Company currently has well over $5 million in cash available. |
