Forsys Closes $1.84 Million Private Placement
TORONTO, ONTARIO--(Marketwired - Oct. 13, 2015) - Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) ("Forsys" or the "Company") today reported that it has closed its previously announced non-brokered private placement (the "Private Placement") by issuing 15.34m units at $0.12 per unit for gross proceeds of $1.84m (CDN).
Each unit consists of one Class A Common Share ("Common Share") and one half of one Common Share purchase warrant with each whole warrant entitling the holder to acquire a new Common Share in Forsys at a price of $0.24 expiring on October 13, 2017. All securities issued pursuant to the Private Placement are subject to a four-month and one-day hold period from the closing date. The finder's fees on the Private Placement consist of 280,000 finder's units, each unit consisting of one Common Share and one half of one Common Share purchase warrant with each whole warrant entitling the holder to acquire a new Common Share in Forsys at a price of $0.24 expiring on October 13, 2017.
Proceeds from the Private Placement will be used to fund the Norasa Uranium Project in Namibia and for general working capital purposes.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the Norasa project that comprises the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia, Africa, a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant Resource and Reserves at Valencia and Namibplaas are available on the Company website. Shares outstanding: 134.9m
On behalf of the Board of Directors of Forsys Metals Corp. Marcel Hilmer, Chief Executive Officer.
Sedar Profile #00008536
Forward-Looking Information
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys Annual Information Form available on the Company's profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact
Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 8 9426 6400
mhilmer@forsysmetals.com
www.forsysmetals.com
NATIONAL Equicom
Joe Racanelli
+1 416 586 1943
jracanelli@nationalequicom.com
