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Forge Resources Corp (OTCQB: FRGGF) has completed an executive site visit to its fully permitted La Estrella coal project in Santander, Colombia. The visit focused on inspecting the development of a planned 170-metre decline aimed at accessing high-quality coal seams for a 20,000 metric tonne bulk sampling program.
Project Director Emelio Genes led the team, accompanied by a Canadian mining engineer, in reviewing technical engineering aspects of the underground decline construction. The project is reported to be on schedule with ongoing scaling of underground operations.
During the visit, the executive team also explored various regions of Colombia to evaluate additional coal concessions and engage with local industry stakeholders, seeking opportunities to expand their project portfolio in one of the world's top thermal and coking coal producing countries.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has completed the main portal construction at its fully permitted La Estrella coal project in Santander, Colombia. The portal, constructed by AB INGENIERÍA Y CONSTRUCCIÓN SAS, will serve as the primary access point for underground operations.
This milestone enables the company to proceed with underground exploration activities, including the development of a 170-metre decline to the first planned crosscut. The project aims to secure a 20,000 Metric tonne bulk sample of metallurgical and thermal coal from 6 seams.
The company is now focusing on transitioning to the underground phase while continuing to develop key infrastructure and initiating underground exploration activities.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has successfully closed an oversubscribed non-brokered private placement, raising $3,625,597.25 by issuing 6,591,995 units at $0.55 per unit. This significantly exceeded the initial target of $2.5 million.
Each unit comprises one Common Share and one Warrant, with the latter allowing purchase of one Common Share at $0.70 for 5 years. The company paid finder's fees to three parties, including cash commission and warrants. CEO PJ Murphy participated by purchasing 909,090 units for approximately $500,000, representing 13.8% of issued units.
The proceeds will be used to increase the company's interest in Aion Mining Corp to 60% for the La Estrella Project development, make option payments on the Alotta Project, and provide working capital.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) reports significant progress at its La Estrella Coal Mine in Colombia, with the main portal construction reaching 90% completion. The portal, designed by AB INGENIERÍA Y CONSTRUCCIÓN SAS, will enable access to untapped coal reserves and facilitate a 20,000 Metric tonne bulk sample of metallurgical and thermal coal.
The company appointed Emilio Gene as Project Manager, bringing 16 years of underground coal mining expertise. Additionally, Forge Resources announced marketing agreements with Walk the Street Capital ($120,000 CAD plus 250,000 options) and RMK Marking Inc. ($375,000 CAD) for digital marketing services.
The company also announced a non-brokered private placement to raise up to $2,500,000 through the sale of units at $0.55 each, with insiders expected to participate for $1,000,000. Proceeds will fund La Estrella Property development and the acquisition of up to 60% of Aion Mining Corp.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has announced an extension of the exclusivity period for its non-binding letter of intent (LOI) with Aion Mining Corp until February 7, 2025. The transaction involves FRG acquiring additional Aion shares for $5,000,000, consisting of $4,000,000 in cash and $1,000,000 in FRG common shares at closing price.
The deal includes anti-dilution rights for 12 months post-closing and a 4-year right of first refusal on Aion's equity financings, allowing FRG to maintain a 60% controlling position in Aion's voting securities. The transaction remains subject to due diligence, necessary approvals, and a definitive agreement. Notably, Aion is a non-arm's length party due to shared director Cole McClay and officer Camilo Cordovez.
Forge Resources Corp (CSE: FRG, OTCQB: FRGGF) has extended its exclusivity period to January 16, 2025, regarding its non-binding letter of intent to acquire additional shares in Aion Mining Corp. The proposed transaction aims to increase Forge's ownership to 60% of Aion for $5,000,000, consisting of $4,000,000 in cash and $1,000,000 in common shares.
The deal includes anti-dilution rights for 12 months post-closing and a 4-year right of first refusal on Aion's equity financings. Aion plans to use the proceeds for the La Estrella project, including underground decline development and operational expenses. The company has completed its audit for fiscal years 2022-2023 by WDM Chartered Accountants and received an independent valuation from Evans and Evans, Inc.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has announced strategic changes in its senior leadership. PJ Murphy, the current Chairman of the Board, has been appointed as the new Chief Executive Officer (CEO), while Cole McClay, who has served as CEO since February 2021, will transition to the role of Chief Operating Officer (COO), effective immediately.
This reorganization aims to strengthen the company's focus on corporate awareness and project development. McClay will oversee day-to-day operations and project development, while Murphy will concentrate on stakeholder engagement and strategic leadership, leveraging his experience in capital markets to build relationships with investors.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has announced two key appointments to strengthen its leadership team. Camilo Cordovez Amador joins as Vice President of Finance, bringing 16 years of experience in investment banking and asset management. His track record includes advising on projects exceeding $100M and working with funds managing over $700M in assets. Additionally, Patrick Bonner has been appointed as Special Advisor, contributing 25 years of leadership experience and holding an 8% stake in the company. Bonner's expertise spans junior mining, equity markets, and real estate sectors.
Forge Resources Corp has unveiled design plans for a mine portal construction at the La Estrella Coal Project in Santander, Colombia. The portal, which began construction on November 20, 2024, will provide essential infrastructure for underground bulk sampling mining exploration. The design includes specialized soil support systems and focuses on environmental and safety standards. The portal will serve as the initial access point for constructing a decline ramp, enabling access to deeper coal seams for further exploration and development activities.
Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) announces groundbreaking of the decline portal at La Estrella coal project in Colombia, marking a significant milestone in its mining operations development. The company strengthens its project development team with two key appointments: Guillermo Leon as Mine Manager and Mario Alonso Alzate Ferrer as Senior Mining Engineer. Leon brings 25 years of mining industry experience, having worked with Glencore, BHP Billiton, and Prodeco Group. Ferrer contributes 50 years of coal mining expertise and is certified as a Qualified Person by the Colombian Commission of Resources and Reserves.