Forent Energy Ltd. (TSXV:FEN) has closed its C $1.5 million non-brokered private placement.

Forent issued 30 million common shares at a price of C $0.05 per share. Some 22 million shares, 74%, of the offering were purchased by directors, officers, employees and consultants and affiliates of the company.

Proceeds will be used along with proceeds from the Mervin property sale 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 ...