Forge Resources has closed its previously announced best-efforts private placement, raising gross proceeds of $2,000,000 through the issuance of 8,000,000 units at a price of $0.25 per unit.

The financing was conducted with Ventum Financial Corp. acting as sole agent and bookrunner. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at an exercise price of $0.40 for a two-year period expiring on September 15, 2028.

The offering was completed under the Listed Issuer Financing Exemption across all Canadian provinces except Quebec, meaning the resulting securities carry no statutory hold period. In connection with the placement, Forge paid a cash commission equal to 7.0% of the proceeds and issued compensation warrants equal to 7.0% of the offering. These compensation warrants allow the holder to acquire units at $0.25 each until September 15, 2028, and are subject to a four-month and one-day hold period.

The net proceeds will be used to advance development at the fully permitted La Estrella coal project in Santander, Colombia. Forge holds an 80% interest in Aion Mining Corp. to develop the coal asset.

On-site operations are currently advancing underground. Following the recent completion of the underground ramp to operational depth, the technical team has initiated a crosscut toward the stacked sequence of known coal seams, initially using a 12.4 m² support section before transitioning to a 9.0 m² profile.

Read the full announcement: Forge Resources Closes Brokered Private Placement of Units