Deal funds feasibility study for the Norasa Uranium project in Namibia
By Devika Patel
Knoxville, Tenn., Aug. 8 – Forsys Metals Corp. said it will conduct a C$3.2 million non-brokered private placement of units.
The company will sell 10 million units of one class A common share and one half-share warrant at C$0.32 per unit. Each whole warrant is exercisable at C$0.45 for two years. The strike price is an 18.42% premium to C$0.38, the Aug. 7 closing share price.
Leo Fund Managers Ltd. plans to invest C$2.12 million.
Settlement is expected Aug. 15.
Proceeds will be used to complete the company’s feasibility study for its Norasa Uranium project in Namibia, as well as for general working capital purposes.
Based in Toronto, Forsys is a uranium producer.
Issuer: | Forsys Metals Corp.
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Issue: | Units of one class A common share and one half-share warrant
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Amount: | C$3.2 million
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Units: | 10 million
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Price: | C$0.32
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.45
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Agent: | Non-brokered
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Investor: | Leo Fund Managers Ltd. (for C$2.12 million)
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Pricing date: | Aug. 8
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Settlement date: | Aug. 15
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Stock symbol: | Toronto: FSY
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Stock price: | C$0.38 at close Aug. 7
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Market capitalization: | C$41.75 million
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