Forsys Enters Into Share Subscription Agreement to Raise C$8,000,000
05 Outubro 2011 - 8:00AM
Marketwired
Forsys Metals Corp. ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce that it
has entered into a Subscription Agreement with Leo Fund Managers
Limited ("Leo"), whereby Leo will subscribe, on behalf of certain
of its funds, on a private placement basis, for new common shares
in the capital of the Company at a subscription price per share
equal to the lesser of 90% of the volume weighted average trading
price ("VWAP") on the Toronto Stock Exchange (the "TSX") of the
Company's common shares for the twenty consecutive trading days
prior to the date shareholder approval is received or $0.59 for
gross proceeds of C$8,000,000. The share subscription will form
part of a larger private placement of new shares by the Company for
gross proceeds of up to a maximum amount of C$10,000,000.
Forsys Chief Executive Officer Marcel Hilmer said, "A further
investment in the Company by Leo, a leading European financial
services company based in London, demonstrates the appeal of
Forsys. The proceeds of this subscription provides the Company with
the ability to continue its advanced exploration program at the
Namibplaas project, advance its heap leach process testing at its
Valencia project, continue work on its project consolidation
assessment and complete an updated Definitive Feasibility Study in
2012. The Company will be also able to assess various strategic
investment opportunities and partnerships under consideration."
Completion of the subscription is conditional, among other
things, on the approval of the TSX and the shareholders of the
Company. It is expected that the shareholder meeting at which
shareholder approval for the subscription will be sought will be
held in November 2011.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100%
ownership in the fully permitted Valencia Uranium Project and 70%
ownership in the Namibplaas Uranium Project in Namibia, Africa a
politically stable and mining friendly jurisdiction. Current NI
43-101 compliant reserves at Valencia are 60.5 Mlbs of U3O8
supporting a 17-year mine life and current Measured and Indicated
resources are 75.5 Mlbs U3O8 with a further 8.4 Mlbs of Inferred
U3O8.
On behalf of the Board of Directors of Forsys Metals Corp.
Marcel Hilmer, Chief Executive Officer
For further information visit our website at
www.forsysmetals.com.
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, dated
March 29, 2011, 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.
Shares Outstanding:
80,130,231
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Forsys Metals Corp. Marcel Hilmer Chief Executive
Officer +61 417 177 942mhilmer@forsysmetals.comwww.forsysmetals.com
TMX Equicom Nisha Hasan +1 416-815-0700
ext.258nhasan@equicomgroup.com
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