By Sheri Kasprzak
New York, July 6 - Forsys Technologies Inc. said it plans to raise C$2.1 million in a private placement of units, related to its acquisition of all of Namibian Minerals Ltd.'s stock.
The offering includes 7 million units at C$0.30 each.
The units are comprised of one share and one half-share warrant. The full warrants provide for the purchase of an additional share at C$0.40 each for two years.
Placement agent Quest Securities Corp. has an over-allotment option for up to 2 million units.
The offering is expected to close July 18.
The proceeds will be used to acquire Namibian while the remainder will be used for working capital.
Toronto-based Forsys is a base and precious metals exploration company.
| Issuer: | Forsys Technologies Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.1 million
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| Units: | 7 million
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| Greenshoe: | For up to 2 million units
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| Price: | C$0.30
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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$0.40
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| Placement agent: | Quest Securities Corp.
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| Pricing date: | July 6
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| Settlement date: | July 18
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| Stock price: | C$0.30 at close July 6
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