On June 24, 2024, Forum Energy Metals Corp. closed the transaction. The company announced that it has received 7,084,000 units at an issue price of CAD 0.135 per unit for the gross proceeds of CAD 956,340.

The transaction included participation from insiders subscribing for 780,000 units or CAD 105,300. Each unit will consist of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of CAD 0.20 per Warrant Share for a period of 24 months following closing of the offering.

Insiders of the Company participated in the Offering for 780,000 Units for CAD 105,300 and such units issued to insiders are subject to a four month hold period pursuant to applicable policies of the TSX Venture Exchange. In connection with the Offering, the Company paid cash commissions totaling CAD 51,141 equal to 6% of certain of the gross proceeds raised under the Offering. The company also issued 378,819 finder warrants.

The company has received CAD 558,056.430625 ($407,437) pursuant to Regulation D from 2 investors.