Forsys Announces Non-Brokered Private Placement
January 17 2020 - 3:05PM
Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX:
FSY) (“Forsys” or the “Company”) is pleased to announce
that it has received a commitment from Leonardo Global Trading Ltd.
(“Leo”), the Company’s largest shareholder, to raise C$1,000,000 in
gross proceeds by way of a non-brokered private placement of
10 million Class A Common Shares (“Common Shares”) in the Company
at a subscription price of C$0.10 per Common Share.
Proceeds from the private placement will be used
for general working capital purposes.
The Offering is expected to close on or before
January 24, 2020. All securities issued through the private
placement will be subject to a four-month and one-day hold period
from the date of the closing. Completion of the private
placement is subject to customary approvals and
conditions.
About Forsys Metals Corp.Forsys
Metals Corp. is an emerging uranium developer 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’s website and under the Company’s filings on SEDAR.
On behalf of the Board of Directors of Forsys
Metals Corp. Mark Frewin, Interim Chief Executive Officer.
For additional information please contact:
Jorge Estepa, Corporate
Secretary
Telephone: (416) 818-4035 or Email:
je@forsysmetals.com
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
circumstance 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.
PDF
available: http://ml.globenewswire.com/Resource/Download/fdc889ee-5d4c-4517-9cc4-b93aed0ba45a
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