Formation Minerals Inc (EM) (FOMI)

Formation Minerals, Inc. Announces Entry Into $1,000,000 Common Stock Purchase Agreement and Corporate Update

JACKSBORO, Texas, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Formation Minerals, Inc. “Formation” or the “Company”) (OTCQB: FOMI), a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States, today announced that on January 14, 2025, the Company entered into an Common Stock Purchase Agreement (the “Purchase Agreement”) with Alumni Capital, LP ("Alumni"), a private investment and management group providing financial solutions for high-potential small cap companies, to raise up to $1,000,000 (the “Commitment Amount”), subject to the satisfaction or waiver of certain customary conditions.

Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Alumni, and Alumni is obligated to purchase up to a number of shares of the Company’s common stock equal to the Commitment Amount. Such sales of common stock by the Company, if any, will be subject to certain limitations set forth in the Purchase Agreement, and may occur from time to time, at the Company’s sole discretion, commencing on the date of the Purchase Agreement and ending on December 31, 2025 or until such earlier time as the Commitment Amount has been satisfied; provided that there is an effective registration statement covered the resale of such shares. The purchase price for such shares will be 75% of the lowest traded price of the common stock on the OTCQB or such other the principal market on which the common stock is then listed and traded during the five business days prior to a closing date provided, however, that if at any time, such shares of common stock are listed and traded on The Nasdaq Stock Market LLC or another national securities exchange having similar price restrictions, the purchase price will be 90% of the lowest volume weighted average price during the applicable pricing period. The Company intends to file a Current Report on Form 8-K with respect to the Purchase Agreement, which will include additional information regarding the terms of the Purchase Agreement, which will be available on the SEC’s website.

On January 14, 2025, as consideration for Alumni’s entry into the Purchase Agreement, the Company issued to Alumni a common stock purchase warrant (the “Warrant”) to purchase up to a number of shares of common stock with an aggregate value equal to 50% of the Commitment Amount divided by the exercise price of the Warrant, which is based on a Company valuation of $5,000,000. The exercise price per warrant share will be calculated by dividing $5,000,000 by the total number of issued and outstanding shares of common stock as of the Exercise Date (as defined in the Warrant). The Warrant will expire on January 14, 2030.

The Company intends to use the net proceeds from the sale of any shares of common stock under the Purchase Agreement and upon exercise of the Warrant for general corporate and working capital purposes and acquisitions of assets, businesses or operations or for other purposes that the board of directors of the Company, in good faith, deems to be in the best interest of the Company. Alumni was also granted certain customary registration rights with respect to the resale of the shares of common stock issuable under the Purchase Agreement and upon exercise of the Warrant.

“The capital from Alumni is an important milestone for providing the foundation for growth and development following the Company’s merger transaction and uplist to the OTCQB. We believe Formation has a unique business plan which allows for the opportunistic acquisition of revenue producing assets in the energy sector. We intend to continue pursuing a true buy low and sell high strategy based upon our secure platform and are very bullish on oil and gas at this time and look forward to capitalizing on the opportunities we see currently,” said Scott Cox, Chief Executive Officer of Formation. “Our proactive approach allows us to optimize our portfolio and invest in high-potential properties. Formation remains dedicated to continuously refining our asset mix, maximizing returns, and creating sustainable value for our shareholders,” Mr. Cox continued.

The Warrant was, and the shares of common stock issuable pursuant to the Purchase Agreement and upon exercise of the Warrant will be, issued and sold in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), Rule 506 of Regulation D promulgated by the SEC under the Securities Act, and/or upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the investments in common stock to be made pursuant to the Purchase Agreement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

In addition to obtaining this access to financing, the Company is excited to provide the following corporate updates:

Strategic Accounting Partnerships: The Company has entered into new strategic accounting partnerships which we expect will streamline our accounting process as well as result in significant cost-savings over prior accounting spend. We are working diligently to work with the new accounting team to complete the review of our financial statements for three and six months ended October 31, 2024 to enable us to file the associated Quarterly Report on Form 10-Q as soon as practicable.
Mineral Acquisitions: The Company continues to work on identifying and creating a pipeline of opportunistic and synergistic acquisitions which management believes will add significant value to the Company’s balance sheet and monthly revenue. Currently the Company is very bullish on natural gas and believes there to be a tremendous growth opportunity within the sector in the upcoming year.

About Formation Minerals, Inc.

Formation is an oil and gas company based in Jacksboro, Texas, focused on acquiring and managing high-growth oil and gas minerals and royalties in the premier U.S. basins. The Company currently owns producing mineral, royalty, and overriding royalty interests in the DJ Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Delaware and Permian Basin of Texas, the Marcellus and Utica shales in West Virginia, and the Anadarko Basin in Oklahoma. The Company is focused on providing strong stockholder returns through asset growth generated by our acquisitions and organic growth of the Company’s properties.

Forward-Looking Statements

Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only, and actual events or results may differ materially from those projected in such forward-looking statements. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that could cause or contribute to differences include the Company’s ability to sell any shares under the Purchase Agreement, the timing of filing a registration statement with respect to the resale of such shares, the Company’s ability to file its Quarterly Report on Form 10-Q for the quarter ended October 31, 2024 and timely file its subsequent periodic reports, the Company’s ability to identify, create a pipeline of, and complete opportunistic and synergistic acquisitions and the resulting impact on the Company’s balance sheet and monthly revenue, the Company’s ability to maintain the listing of its common stock on the OTCQB, the risk that the Company is not able to maintain and enhance its brand and reputation in its marketplace, adversely affecting Formation’s business, financial condition and results of operations, the risk that periods of rapid growth and expansion could place a significant strain on Formation’s resources, including its employee base, which could negatively impact Formation’s operating results, changes in relationships with third parties and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Formation assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Formation does not give any assurance that Formation will achieve its expectations.

Contact:
Jeff Ramson, CEO
PCG Advisory, Inc.
jramson@pcgadvisory.com
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Source: Formation Minerals, Inc.

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Formation Minerals, Inc. Announces Entry Into $10,000,000 Equity Financing Agreement with GHS Investments, LLC

JACKSBORO, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Formation Minerals, Inc. (”Formation" or the "Company") (OTCQB: FOMI), a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States, today announced that on December 31, 2024, the Company entered into an Equity Financing Agreement (the “Agreement”) with GHS Investments, LLC ("GHS"), a leading private investment and management group providing financial solutions for high-potential small cap companies, to raise up to $10,000,000, subject to the satisfaction or waiver of certain customary conditions. GHS has successfully invested in multiple portfolio companies in the small cap space seeking capital to grow and scale their existing businesses.

Under the terms and subject to the conditions of the Agreement, the Company has the right, but not the obligation, to sell to GHS, and GHS is obligated to purchase up to $10.0 million shares of the Company’s common stock, subject to certain limitations set forth in the Agreement, at an initial purchase price equal to eighty percent (80%) of the market price of such shares of common stock, and may occur from time to time, at the Company’s sole discretion, over the 24-month period commencing on the date on which the Securities and Exchange Commission (the “SEC”) declares the registration statement covering the resale by GHS of the shares of common stock, which have been and may be issued to GHS under the Agreement, effective under the Securities Act of 1933, as amended (the “Securities Act”). The Company intends to file a Current Report on Form 8-K with respect to the Agreement, which will include additional information regarding the terms of the Agreement, which will be available on the SEC’s website.

The Company intends to use the net proceeds from the sale of any shares under the Agreement for general corporate and working capital purposes and acquisitions of assets, businesses or operations or for other purposes that the board of directors of the Company, in good faith, deems to be in the best interest of the Company.

“The capital from GHS is an important milestone for providing the foundation for growth and development following the Company’s merger transaction and uplist to the OTCQB. Formation has a unique business plan which allows for the opportunistic acquisition of revenue producing assets in the energy sector. We will continue pursuing a true buy low and sell high strategy based upon our secure platform and are very bullish on oil and gas at this time and look forward to capitalizing on the opportunities we see currently,” said Scott Cox, Chief Executive Officer of Formation, “GHS has broad experience dealing with OTC companies and will continue to be a great partner. We’re grateful that they recognize the value in the Company and the services we provide.”

“Our proactive approach allows us to optimize our portfolio and invest in high-potential properties. Formation remains dedicated to continuously refining our asset mix, maximizing returns, and creating sustainable value for our shareholders.” Mr. Cox continued.

The shares of Common Stock issuable pursuant to the Agreement will be issued and sold in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act, Rule 506 of Regulation D promulgated by the SEC under the Securities Act, and/or upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the investments in Common Stock to be made pursuant to the Agreement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Formation Minerals, Inc.

Formation is an oil and gas company based in Jacksboro, Texas, focused on acquiring and managing high-growth oil and gas minerals and royalties in the premier U.S. basins. The Company currently owns producing mineral, royalty, and overriding royalty interests in the DJ Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Delaware and Permian Basin of Texas, the Marcellus and Utica shales in West Virginia, and the Anadarko Basin in Oklahoma. The Company is focused on providing strong stockholder returns through asset growth generated by our acquisitions and organic growth of the Company’s properties.

Forward-Looking Statements

Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only, and actual events or results may differ materially from those projected in such forward-looking statements. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that could cause or contribute to differences include whether the Company is able to sell any shares under the Agreement, the timing of filing a registration statement with respect to the resale of such shares, the uncertainty regarding viability and market acceptance of the Company’s products and services; the ability to maintain the listing of its common stock on the OTCQB; the risk that we are not able to maintain and enhance its brand and reputation in its marketplace, adversely affecting Formation’s business, financial condition and results of operations; the risk that periods of rapid growth and expansion could place a significant strain on Formation’s resources, including its employee base, which could negatively impact Formation’s operating results; changes in relationships with third parties; product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Formation assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Formation does not give any assurance that Formation will achieve its expectations.

Contact:
Jeff Ramson, CEO
PCG Advisory, Inc.
jramson@pcgadvisory.com
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Source: Formation Minerals, Inc.

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Formation Minerals, Inc. Provides Fiscal Year End Corporate Update

JACKSBORO, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Formation Minerals, Inc. (OTCQB: FOMI) (“Formation” or the “Company”), a growing oil and gas company with a focus on the acquisition and management of oil and gas minerals and royalties, today provided its fiscal year-end stockholder update.

To our valued friends and stockholders,

We hope that this letter finds you well and enjoying the summer. We at Formation continue to execute our strategy and are pleased to provide a corporate update in connection with the filing of our annual report on Form 10-K, highlighting the past year’s achievements and our vision for the future.

With the acquisition of Verde Bio Holdings, Inc. (“Verde”) and the shift in our business focus, this past year was a busy and transformative year for Formation. We amended our charter to allow us greater flexibility in the issuance of equity to facilitate our future growth plans if necessary. We believe that this acquisition positions us for the next phase of growth through healthy and responsible capital raising and continued acquisitions of quality revenue-producing assets.

Our singular focus remains on creating long-term stockholder value. We believe Formation has an enormous opportunity and can build upon Verde’s business plan and strategy, which makes us optimistic and confident about our future.

Major Highlights in Fiscal Year 2024

As further described below, during the fiscal year ended April 30, 2024, we:

Completed the acquisition of Verde to enter into a new business.
Amended our corporate documents to afford the Company more flexibility in future growth plans.
Continued execution of Verde’s acquisition strategy, expanding our new portfolio of revenue-producing assets.
Engaged an experienced marketing firm to enhance stockholder communications.
Completed strategic divestitures of non-core, lower-performing assets to optimize our portfolio.
Retained an investment banking firm to assist us in exploring our strategic alternatives for maximizing stockholder value.
Engaged New York City-based securities counsel.

CEO Scott Cox stated:
“Following the closing of the Verde acquisition, I'm pleased to report that we have continued to build upon Verde’s growth initiatives driven by the strategic expansion of our low-risk, low-decline, long-life asset acquisition model into complementary acquisitions. We remain focused on growing our portfolio and revenues, as well as overall profitability. We are excited about the opportunities that lie ahead and remain committed to creating long-term value for our stockholders.”

Key Highlights

Portfolio Highlights and Acquisition Activity:

To date, we (including Verde) have made over 18 acquisitions of revenue producing properties. As of August 13, 2024, our portfolio consists of revenue producing interests in approximately 395 wells under operators such as Southwestern Energy Company, Chief Energy Corporation, EOG Resources, Inc., Civitas Resources, Inc., Ovintiv Inc., Aethon Energy Management LLC, Chesapeake Energy Corporation, Petro Operating Company LLC, and others.

Breakdown of Portfolio by State and Basin:

Texas: 35% in Permian/Delaware Basin and Eagleford Shale
Colorado: 29% in the DJ Basin and Piceance Basin
Louisiana: 19% in Haynesville Shale
Ohio, West Virginia, Wyoming, and Oklahoma: 19% in Utica and Marcellus Shale, Powder River Basin and the Anadarko Basin

We believe our diversified portfolio across different markets offers us unique advantages. From the oil-rich Permian Basin to the gas-heavy Haynesville Shale, we believe we are positioned to capitalize on different market opportunities.

We continue to have a healthy pipeline of new deal-flow and are evaluating potential acquisitions that complement our portfolio, while actively managing the portfolio to ensure we maximize revenue based on current commodity environments. Further, we also continue to evaluate our portfolio for low-performing assets and possible candidates for divestment to generate cash to reinvest into better performing and higher growth potential assets.

We recently announced that we have begun to market certain lower-performing non-core properties. Our latest sale generated $140,000 in proceeds. Taking into account royalties received during the period in which we owned the property, we realize a healthy profit in divestiture deals, which generate additional cash for us to reinvest in better-performing properties.

Corporate Highlights:

The completion of our strategic acquisition and subsequent name change to “Formation Minerals, Inc.” marked a transformative milestone in our history. We believe the acquisition sets a solid foundation for our future expansion plans, and demonstrates our commitment to creating long-term stockholder value. We are now poised to pursue responsible capital raising initiatives, supporting our strategy of acquiring quality, revenue-generating assets.

In line with our growth objectives, we have retained an investment banking firm and engaged New York City-based securities counsel, which will be crucial, as we explore additional strategic alternatives to maximize stockholder value, include a possible listing on a national securities exchange, which we believe would significantly enhance our visibility and access to capital markets. In addition, we are evaluating additional sources of liquidity.

To enhance our communication with the investment community, we have hired a marketing firm experienced in digital media and stockholder communication. This partnership will help us effectively convey our value proposition, growth strategy and operational achievements to current and potential stockholders.

We believe our proactive approach allows us to optimize our portfolio and invest in high-potential properties. Formation remains dedicated to continuously refining our asset mix, maximizing returns and creating sustainable value for our stockholders.

About Formation Minerals, Inc.

Formation Minerals, Inc. (OTCQB: FOMI) is a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States. The Company’s growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of high quality revenue producing royalty interests and strategic and active management of our portfolios. We currently own producing mineral, royalty, and overriding royalty interests in the DJ Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Delaware and Permian Basin of Texas, the Marcellus and Utica shales in West Virginia, and the Anadarko Basin in Oklahoma. The Company is focused on providing strong stockholder returns through asset growth generated by our acquisitions and organic growth of our properties.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, Formation’s expectations regarding the receipt of requisite financing, if at all, the performance of the assets, our portfolio, the divestiture out-of-favor assets and acquisition of better performing royalty properties, execution of Formation’s business plan and the expectations regarding Formation’s ability to raise capital and maximize stockholder value. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of Formation’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) Formation’s ability to execute our acquisition and disposition strategy and grow and manage growth profitability and retain our key employees; (ii) the ability to maintain the listing of our common stock on the OTCQB; (iii) the risk that the Company is not able to maintain and enhance our brand and reputation in our marketplace, adversely affecting Formation’s business, financial condition and results of operations; (iv) the risk that periods of rapid growth and expansion could place a significant strain on Formation’s resources, including our employee base, which could negatively impact Formation’s operating results; (v) the risk that Formation may never achieve or sustain profitability; (vi) the risk that Formation may need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; and (vii) other risks and uncertainties indicated from time to time in our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 (the “Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on August 13, 2024. The foregoing list of factors is not exhaustive. There may be additional risks that Formation does not know or that Formation currently believes to be immaterial that could also cause results to differ from those contained in any forward-looking statements. Recipients should carefully consider such factors and the other risks and uncertainties described in the “Risk Factors” section of the Annual Report and the periodic reports and other documents filed or to be filed by Formation from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Formation assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Formation does not give any assurance that Formation will achieve our expectations.

Contact:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
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Source: Formation Minerals, Inc.

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Formation Minerals, Inc. Enters into Definitive Agreement To Acquire Haynesville Shale Minerals
Provides Additional Company Updates

JACKSBORO, Texas, June 27, 2024 (GLOBE NEWSWIRE) -- Formation Minerals, Inc. (OTCQB: FOMI) (“Formation” or the “Company”), a growing oil and gas company with a focus on the acquisition and management of oil and gas minerals and royalties, today announced that it has entered into a purchase and sale agreement with a private seller to acquire certain producing mineral interests in Bienville Parish, Louisiana for $220,000 in cash. The acquisition is subject to customary closing conditions, including the receipt of adequate financing, and is expected to close on or about July 26, 2024. Pursuant to the terms of the agreement, Formation is entitled to the cash flow from oil and gas production attributable to the property beginning July 1, 2024. The Company is working to secure the requisite financing to complete this acquisition.

The property is located in the Haynesville Shale and is currently operated by Texas based Aethon Energy Management LLC (“Aethon”). There are currently 3 producing oil wells and pre-permits have been filed for an additional 6-9 oil wells. Aethon is a leading Haynesville natural gas company which is currently running multiple oil rigs and wells in the area. Aethon is currently drilling in the immediate area and testing 2 to 3 mile laterals to ensure maximum production from the wells. The Haynesville Shale is a massive dry natural gas formation in East Texas and Northwest Louisiana which was discovered in 2008.

Scott Cox, President and Chief Executive Officer of Formation, said, “With less than two months post-closing of the Verde Bio Holdings acquisition, we are delighted to announce our first move toward building Formation’s portfolio. This acquisition is located in the active heart of the Haynesville Shale. The wells are in an excellent area that are just out of the decline curve with stable monthly production and with the upside of more wells to be drilled on the acreage. We have great confidence both in Aethon as an operator and in these assets and we look forward to jointly benefiting as they continue to operate and develop the area. We have been and continue to be diligent in buying properties at the right price and in the right areas, thus we believe the Company and its investors will reap the benefits of the rise in commodity pricing, as well as the continued development of our acreage. We are excited to continue executing our business plan and grow the Company and its revenues. We believe this business model to be extremely lucrative and viable given the sector now has over $30 billion in value and continues to grow.”

Additional Company Updates

As previously announced, Formation’s well count continues to rise. Since the closing of the Verde acquisition, the Company has received notice that now over ten new wells are in the process of being brought online in Formation’s oil and gas properties. The new wells and new development assets are located on the Company’s Permian Basin and Haynesville Shales properties which add concrete, new oil and gas development assets to the Company’s portfolio.

“The Company continues to actively evaluate a number of potential acquisitions as we continue to execute on our business plan, including raising responsible capital to deploy into strategic and accretive acquisitions for our existing portfolio, to maximize stockholder value. We recently completed two capital raises, raising gross proceeds of approximately $160,000, with the potential for an additional $200,000. Additionally, we expect to continue to pursue other strategic funding opportunities, including a possible uplisting to a national securities exchange,” concluded Mr. Cox.

About Formation Minerals, Inc.

Formation Minerals, Inc. (OTCQB: FOMI) is a pure play oil and gas company based in Jacksboro, Texas, engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States. The Company’s growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of high quality revenue producing royalty interests and strategic and active management of our portfolios.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, Formation’s expectations regarding the pending acquisition and the timing of closing and the receipt of requisite financing, if at all, the performance of the assets post-acquisition, our portfolio, the divestiture out-of-favor assets and acquisition of better performing royalty properties, execution of Formation’s business plan and the expectations regarding Formation’s ability to raise capital and maximize stockholder value. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of Formation’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) Formation’s ability to execute its acquisition and disposition strategy and grow and manage growth profitability and retain its key employees; (ii) the ability to maintain the listing of its common stock on the OTCQB; (iii) the risk that we are not able to maintain and enhance its brand and reputation in its marketplace, adversely affecting Formation’s business, financial condition and results of operations; (iv) the risk that periods of rapid growth and expansion could place a significant strain on Formation’s resources, including its employee base, which could negatively impact Formation’s operating results; (v) the risk that Formation may never achieve or sustain profitability; (vi) the risk that Formation may need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (vii) other risks and uncertainties indicated from time to time in the its Registration Statement on Form S-4, as amended (the “Registration Statement”) filed with the Securities and Exchange Commission (“SEC”) in connection with the recently completed merger. The foregoing list of factors is not exhaustive. There may be additional risks that Formation does not know or that Formation currently believes to be immaterial that could also cause results to differ from those contained in any forward-looking statements. Recipients should carefully consider such factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement on Form S-4, as amended, and the periodic reports and other documents filed or to be filed by Formation from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Formation assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Formation does not give any assurance that Formation will achieve its expectations.

Contact:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
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Source: Formation Minerals, Inc.

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Formation Minerals, Inc. Announces Opportunistic Divestiture of AssetsPress Release | 05/22/2024

JACKSBORO, Texas, May 22, 2024 (GLOBE NEWSWIRE) -- Formation Minerals, Inc. (OTCQB: FOMI) (“Formation” or the “Company”), a growing oil and gas company with a focus on the acquisition and management of oil and gas minerals and royalties, today announced that, on May 21, 2024, it sold five non-core lower performing assets for $140,000 to a private buyer.

“This is a great example of responsible portfolio management and the solid execution of our business plan, underscoring our ability to capitalize on favorable oil and gas market conditions,” Scott Cox, President and Chief Executive Officer of Formation, stated. “Our strategic acquisition strategy enabled us to purchase these assets at historically low prices and monetize them as commodity prices rose, all the while receiving the revenues from them. The current environment created an opportunity to identify out-of-favor assets to sell and reinvest the proceeds into better performing royalty properties. Formation’s goal is to build a high-performance portfolio with active asset management. As we have been cultivating a large pipeline of potential acquisitions in the buy-side market, we are also focused on developing a sell-side market in retail channels, including the 1031 Exchange market.”

“We plan to reinvest the net proceeds from this transaction, and we continue to evaluate a number of potential acquisitions as we continue to execute on our business plan, including raising responsible capital to deploy into strategic and accretive acquisitions for our existing portfolio, to maximize stockholder value,” Mr. Cox added. “We pride ourselves on the ability to be both creative and agile in this highly lucrative energy market. We are very pleased with our portfolio of assets and the combined growth in revenue and development of new wells but continue to analyze our portfolio for opportunistic divestitures of other non-core assets at attractive profits.”

About Formation Minerals, Inc.
Formation Minerals, Inc. (OTCQB: FOMI) is a pure play oil and gas company engaged in the acquisition and management of mineral and royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the United States. The Company’s growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of high quality revenue producing royalty interests and strategic and opportunistic non-producing mineral interests.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, Formation’s expectations regarding our portfolio, the divestiture out-of-favor assets and acquisition of better performing royalty properties, execution of Formation’s business plan and the expectations regarding Formation’s ability to raise capital and maximize stockholder value. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of Formation’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: (i) Formation’s ability to execute its acquisition and disposition strategy and grow and manage growth profitability and retain its key employees; (ii) the ability to maintain the listing of its common stock on the OTCQB; (iii) the risk that we are not able to maintain and enhance its brand and reputation in its marketplace, adversely affecting Formation’s business, financial condition and results of operations; (iv) the risk that periods of rapid growth and expansion could place a significant strain on Formation’s resources, including its employee base, which could negatively impact Formation’s operating results; (v) the risk that Formation may never achieve or sustain profitability; (vi) the risk that Formation may need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (vii) other risks and uncertainties indicated from time to time in the its Registration Statement on Form S-4, as amended (the “Registration Statement”) filed with the Securities and Exchange Commission (“SEC”) in connection with the recently completed merger. The foregoing list of factors is not exhaustive. There may be additional risks that Formation does not know or that Formation currently believes to be immaterial that could also cause results to differ from those contained in any forward-looking statements. Recipients should carefully consider such factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement on Form S-4, as amended, and the periodic reports and other documents filed or to be filed by Formation from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Formation assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Formation does not give any assurance that Formation will achieve its expectations.

Contact:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
https://www.otcmarkets.com/stock/FOMI/news/Formation-Minerals-Inc-Announces-Opportunistic-Divestiture-of-Assets?id=441402

E*Trade wont let me trade yet who is selling?

Outstanding shares is only 56.35 million this might work.

For every million I get 3000 new shares and at 0.18 thats not good.

Why is the share price at 0.18 it should be 0.77?

Sensasure Technologies Inc., SSTC, changed to Formation Minerals Inc., FOMI

*****VBHI: Shareholders of Verde Bio Holdings, Inc. (VBHI) will receive 1 share of SensaSure Technologies, Inc. (to be known as Formation Minerals, Inc.) for each 300.47 VBHI shares held.