PETERSON MCVICAR ACTS FOR RED CLOUD IN FORUM ENERGY METALS BROKERED PRIVATE PLACEMENT FOR UP TO C$9.0 MILLION

On November 21, 2023 Forum Energy Metals Corp.  (“Forum” or the “Company”) announced that it entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of agents (the "Agents") in connection with a best efforts, private placement (the "Offering") for aggregate gross proceeds of up to C$9,000,000 from the sale of the following:

•          up to 40,540,540 flow-through units of the Company to be sold to charitable purchasers (each, a “Charity FT Unit”) at a price of C$0.185 per Charity FT Unit for gross proceeds of up to C$7,500,000 from the sale of Charity FT Units; and

•          up to 12,500,000 units of the Company (each, a “Unit”, and together with the Charity FT Units, the “Offered Securities”) at a price of C$0.12 per Unit for gross proceeds of up to C$1,500,000 from the sale of Units.

Each Charity FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.185 at any time on or before that date which is 24 months after the closing date of the Offering.

The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional 8,108,108 Charity Flow-Through Units for additional gross proceeds of up to C$1,500,000 (the "Agents’ Option").

Forum Energy Metals Corp. (TSX.V: FMC, OTCQB: FDCFF) (TSX.V: FMC; OTCQB: FDCFF) is focused on the discovery of high grade unconformity- related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho.

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