By Sheri Kasprzak
New York, Oct. 6 - Forsys Metals Corp. has arranged a private placement for C$10 million.
The company intends to sell 8,695,654 units at C$1.15 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.50 each for two years.
The offering, which is expected to close Oct. 26, is being placed through a syndicate of underwriters led by Sprott Securities Inc. and including Orion Securities Inc. and Quest Securities Inc. The underwriters have an over-allotment option for up to 1,739,130 units.
Proceeds will be used to develop the Valencia uranium deposit. The rest will be used for general corporate purposes.
Based in Toronto, Forsys is a mineral exploration company.
| Issuer: | Forsys Metals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 8,695,654
|
| Greenshoe: | For 1,739,130 units
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| Price: | C$1.15
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Underwriters: | Sprott Securities Inc. (lead); Orion Securities Inc.; Quest Securities Inc.
|
| Pricing date: | Oct. 6
|
| Stock price: | C$1.30 at close Oct. 5
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