Forum Closes Final Tranche of Private Placement

Forum Closes Final Tranche of Private Placement Vancouver, British Columbia--(Newsfile Corp. - May 19, 2023) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") announces that, further to its news releases of April 17 th and April 28 th , 2023, it has closed its non-brokered private placement and raised an additional $937,432 through the issuance of 3,254,320 units ("NFT Units") at a price of $0.10 per NFT Unit and 5,100,000 flow through units at a price of $0.12 per flow through unit (the "Final Tranche"). Each NFT Unit is comprised of one common share and one common share purchase warrant (a "NFT Warrant"). Each NFT Warrant is exercisable to purchase one common share at a price of $0.15 per share until May 19, 2025. Each FT Unit is comprised of one flow through common share and one common share purchase warrant (a "FT Warrant"). Each FT Warrant is exercisable to purchase one non-flow through common share at a price of $0.16 per share until May 19, 2025. In connection with the Final Tranche, Forum paid finders fees of $45,360 and issued 453,600 finder warrants at a price of $0.10 for a term of two years expiring May 19, 2025. All securities issued are subject to a four month hold period expiring September 20, 2023. Forum raised a total of $1,461,032 and issued 12,867,654 NFT Units and FT Units in this financing. Insiders participated in 380,000 NFT units and FT Units. Proceeds raised from the issuance of the FT Units will be used by Forum to incur Canadian Exploration Expenses on its Canadian uranium and critical mineral properties in Saskatchewan and Nunavut and will be used as deemed appropriate for qualifying expenses for the critical mineral exploration tax credit (CMETC). Proceeds raised from the issuance of the NFT Units will be used for general working capital. About Forum Energy Metals Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: https://www.forumenergymetals.com/ This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects. ON BEHALF OF THE BOARD OF DIRECTORS Richard J. Mazur, P.Geo. President & CEO Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For further information contact: Rick Mazur, P.Geo., President & CEO [email protected] Tel: 604-630-1585 Not for distribution to United States Newswire Services or for dissemination in the United States To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166845 Newsfile Corp. May 19, 2023 - 1:08 PM PDT News by QuoteMedia www.quotemedia.com