Forent Energy Completes Heavy Oil Property Sale, Reports Fully Subscribed Equity Financing


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Forent Energy Ltd. (FEN.V) has completed the previously announced sale of its Mervin heavy oil property to Husky Oil Operations Limited for $5.56 million. Forent intends to use the proceeds to fund working capital and future capital budget requirements.

Forent has scheduled closing of its previously announced common share financing for February 14, 2013. The offering is fully subscribed in the amount of $1.5 million of common shares at a price of $0.05 per share. Following completion of the financing and the sale of the Mervin assets, and the satisfaction of outstanding payables, the Company will have a net working capital position of approximately $6 million.

New President and Chief Executive Officer, Richard Wade, starts with the company on February 22, 2013.

Shares are up half a cent (8.3%) to 6.5 cents in early trade.

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This article appears in: Investing , Commodities

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