Forsys Announces Non-Brokered Private Placement

Forsys Metals Corp. (TSX:FSY) announced a non-brokered private placement of up to 16.9 million unites at a price of $0.13 per unit to raise up to C$2.2 million in gross proceeds.
As quoted in the press release:

Each Unit will consist of one Class A Common Share (“Common Share”) and one half of one Common Share purchase warrant that entitles the holder to acquire a new Common Share in Forsys at a price of $0.25 for a period of two years from the date of issue. Proceeds from the private placement will be used to fund the Norasa Uranium project in Namibia, as well as for general working capital purposes. Forsys has received a firm commitment from Leo Fund Managers Limited (“Leo”), the Company’s largest shareholder, whereby Leo will subscribe on behalf of certain of its funds for 7.9 million Units for gross proceeds of C$1.03m

Marcel Hilmer, CEO of Forsys Metals, commented:

A further investment in the Company by Leo, a leading European financial services company based in London, demonstrates a continuing commitment by Leo to the Company specifically and the uranium industry in general.

Click here to read the full Forsys Metals Corp. (TSX:FSY) press release.