Mr. Richard Mazur reports

FORUM CLOSES SECOND TRANCHE OF $850,000 PRIVATE PLACEMENT

Forum Uranium Corp. has closed the second tranche of its private placement previously announced on Dec. 21, 2015, Dec. 29, 2015, Dec. 31, 2015, and Jan. 13, 2016. The company has raised an additional $334,500 through the issuance of 3.08 million flow-through units and 3.61 million non-flow-through units at a price of five cents per flow-through unit and non-flow-through unit. Each flow-through unit will comprise one flow-through common share and one-half of one share purchase warrant. Each whole flow-through warrant is exercisable to purchase one common share of the company at a price of 10 cents per share for a period of two years expiring Jan. 22, 2018. Each non-flow-through unit will comprise one common share and one share purchase warrant. Each non-flow-through warrant is exercisable to purchase one common share of the company at a price of 10 cents per share for a period of two years expiring Jan. 22, 2018.

The company paid finders' fees of $5,600 and issued 112,000 finder warrants exercisable at a price of five cents for a period of one year expiring Jan. 22, 2017. All securities are subject to a four-month hold period expiring May 23, 2016.

The company has raised a total of $625,500 in flow-through units and $180,500 in non-flow-through units for total proceeds of $806,000. The proceeds from this financing will be used for drilling at its 100-per-cent-owned Highrock and Highrock South projects nearby Cameco's Key Lake mine and mill; gravity and radon surveys at its 100-per-cent-owned Fir Island project as a follow-up from a successful drill campaign earlier in the year; and for working capital.