Forge Resources Corp. has entered into an engagement letter with Ventum Financial Corp. to raise up to $2,000,000 in gross proceeds through a best-efforts private placement of up to 8,000,000 units.

The financing, which includes a sole subscription from a strategic buyer, offers units at $0.25 each. Each unit consists of one common share and one common share purchase warrant, allowing the holder to buy an additional common share at $0.40 for 24 months from issuance. Forge Resources has also granted the agent an over-allotment option to arrange for the sale of up to an additional 15% of the units.

The offering is expected to close on or about September 15, 2026, and remains subject to customary conditions, including the approval of the Canadian Securities Exchange. The company plans to allocate the proceeds to further the development of the La Estrella project in Santander, Colombia, alongside general expenses and working capital.

Forge Resources acquired an 80% interest in Aion Mining Corp. in May 2025 to develop the fully permitted coal asset. The company has previously completed main portal construction and advanced underground work on a 170-metre decline at La Estrella to support a planned 20,000-tonne bulk sampling program. Underground development continues to advance to reach the target coal seams.

“We are at an extraordinary confluence of factors that we have been working toward for some time. Internationally benchmarked coal prices remain at levels that validate the economics of responsible development projects, and the political outcome in Colombia has given operators like Forge Resources a much clearer runway to advance our work in a stable and supportive regulatory environment.”

— PJ Murphy, CEO

The financing proceeds and improving market conditions position the company to continue its underground operations at the Colombian project.

Read the full announcement: Forge Resources Advances La Estrella as Coal Prices Hold Strong and Colombia's New Government Reopens the Resource Sector