Forsys Metals Corp.

Published : October 09th, 2014

Forsys Provides ...

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Forsys Provides Update on Private Placement & Progress on the Norasa Feasibility Study

TORONTO, ONTARIO--(Marketwired - Oct 9, 2014) - Forsys Metals Corp. (FSY.TO)(F2T.F)(FSY.TO) ("Forsys" or the "Company") is pleased to announce that the terms of its previously announced (see August 8, 2014 news release) non-brokered private placement (the "Private Placement") have changed. The Company has received binding commitments from subscribers to purchase a total of 9,420,000 units of the Company ("Units") at $0.25 per Unit, for total gross proceeds of $2,355,000.

Each Unit will consist of one Class A Common Share ("Common Share") and one half of one Common Share purchase warrant. Each full warrant ("Warrant") will entitle its holder to acquire one new Common Share at a price of $0.35 for a period of two years from the date of closing of the Private Placement. Units issued will be subject to a four-month and one-day hold period from the date of closing.

The Leo Fund Managers group ("LFM"), the Company's principal shareholder, as well as certain Forsys officers and directors are participating in the Private Placement. As the board of directors of Forsys has approved the Private Placement, it is expected to close in October 2014, and such closing date may be less than 21 days following the date of filing the material change report to be filed by the Company in connection with the Private Placement.

The Toronto Stock Exchange has conditionally approved the listing of the Common Shares and the additional Common Shares issuable upon exercise of the Warrants subject to customary requirements.

"The imminent closing of our Private Placement will, in light of challenging market conditions, augment the progress we have made at Norasa as well as to our potential of becoming a low-cost uranium producer," said Marcel Hilmer, CEO, of Forsys Metals. "We are particularly pleased by the ongoing support demonstrated by LFM, our largest shareholder. Their investment demonstrates a continuing commitment to the Company specifically, and to the uranium industry in general."

Proceeds from the Private Placement will be used to fund the completion of the Company's previously announced Feasibility Study for the Norasa Uranium project in Namibia as well as for general working capital purposes. The Feasibility Study, which is being prepared by AMEC Australia Pty Ltd, is progressing as expected and within budget. Current activities include conducting a testwork and piloting campaign to confirm previously observed low reagent consumptions. In addition, previously conducted studies are being updated to incorporate flowsheet improvements identified in recent engineering cost studies. These improvements are expected to result in lower operating costs and reduced plant complexity.

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Gold and Silver Prices for these countries : Australia | Namibia | All

Forsys Metals Corp.

DEVELOPMENT STAGE
CODE : FSY.TO
ISIN : CA34660G1046
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Forsys Metals is a zinc and copper exploration company based in Canada.

Forsys Metals develops zinc, copper and uranium in Namibia, and holds various exploration projects in Namibia.

Its main asset in development is VALENCIA URANIUM in Namibia and its main exploration properties are OMARURU, ELBE PROJECT, ONDUNDU and NAMIBPLAAS in Namibia.

Forsys Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 86.1 millions as of today (US$ 68.8 millions, € 60.3 millions).

Its stock quote reached its highest recent level on April 20, 2007 at CA$ 9.94, and its lowest recent point on June 30, 2016 at CA$ 0.05.

Forsys Metals has 145 910 000 shares outstanding.

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Annual reports of Forsys Metals Corp.
2008 Annual Report
Annual Report 2007
Financings of Forsys Metals Corp.
11/28/2011Announces Completion of Private Placement
Nominations of Forsys Metals Corp.
8/15/2012Appoints Martin Hirsch as Chief Geologist
6/11/2012Appoints Director Finance and Establishes Office in Perth
7/28/2008Appoints Valencia General Manager
3/7/2008Appoints New Chief Financial Officer
Financials of Forsys Metals Corp.
8/15/2011Announces Second Quarter 2011 Financial and Operational Resu...
Project news of Forsys Metals Corp.
9/28/2012(Namibplaas)Announces: Updated Namibplaas Resource
3/26/2012(Namibplaas)Completes Acquisition of Remaining 30% Interest in Namibplaa...
2/1/2012(Ondundu)to Retain Control of The Ondundu Gold Project
10/24/2011(Namibplaas)Announces Agreement to Acquire Remaining 30% of Namibplaas U...
2/2/2011(Namibplaas)Announces Additional Positive Namibplaas Drilling Results an...
3/31/2010(Ondundu)TECHNICAL REPORT ON THE ONDUNDU GOLD PROJECT EPL3195, NAMIB...
8/21/2008(Valencia Uranium)Valencia Uranium Project, Namibia Mining Licence Granted
8/6/2008(Valencia Uranium) Confirms Deeper Uranium Mineralization at Valencia
7/22/2008(Valencia Uranium) Continues Drilling at Valencia Expanding Pit Bottom and Ove...
6/27/2008(Valencia Uranium) Adds Fourth Drill Rig to Test North Anomaly at Valencia
6/13/2008(Valencia Uranium)Mineralization Expansion and Grade Improvement at Valencia-F...
6/4/2008(Valencia Uranium)Receives Environmental Clearance for Valencia
4/29/2008(Valencia Uranium) Expands Uranium Zones at Valencia
4/1/2008(Ondundu)Increases Ownership of Ondundu Gold Project in Namibia to 90...
2/13/2008(Valencia Uranium)Announces Joly Zone Trenching Results
1/29/2008(Valencia Uranium) Provides Joly Zone Update
1/14/2008(Valencia Uranium)Reports Drilling Results and Resumes Drilling at Valencia
3/26/2007(Valencia Uranium)Significant Increase for the Valencia Uranium Resource
Corporate news of Forsys Metals Corp.
9/14/2015Forsys Metals Announces Non-Brokered Private Placement Updat...
8/12/2015Forsys Metals Announces Non-Brokered Private Placement
3/18/2015Forsys Releases Feasibility Study Results for Norasa Uranium...
11/26/2014Forsys Provides Norasa Uranium Project Feasibility Study Upd...
10/29/2014Forsys Closes $2.4 Million Private Placement
10/9/2014Forsys Provides Update on Private Placement & Progress on th...
7/7/2014Forsys Metals Initiates Feasibility Study for Norasa Uranium...
5/23/2014Forsys Announces Annual and Special Meeting Voting Results
3/27/2014Forsys Files Updated NI 43-101 Technical Report on Norasa Ur...
3/20/2014Forsys Adopts Advance Notice Policy for Director Nominations...
10/7/2013Provides Updated Mineral Resource Estimate for Its Norasa Ur...
5/2/2013(Valencia Uranium)Announces Results of Positive Engineering Cost Study for Its...
3/19/2013Reports Positive Exploration Drilling Results and Confirms H...
1/23/2013Significant New Exploration Results at Recently Discovered V...
1/26/2012(Namibplaas)Announces Additional High Grade Zones from Namibplaas Phase ...
10/5/2011Enters Into Share Subscription Agreement to Raise C$8,000,00...
9/15/2011(Namibplaas)Announces Maiden Resource Statement Namibplaas Project-Namib...
8/10/2011Announces Up to 92% Recoveries from Heap Leach Laboratory Te...
7/11/2011(Namibplaas)Announces Discovery of Extensive High Grade Zones From Ongoi...
5/15/2011Proposed Changes to Namibian Mineral Policy Will Not Affect ...
3/3/2011Announces Settlement Agreement With GFI and George Forrest
12/11/2008Corporate Quarterly Update
11/14/2008George Forrest International Afrique S.P.R.L. to Acquire For...
9/16/2008Corporate Quarterly Update
6/27/2008Clarifying Press Release-Mineral Resource and Mineral Reserv...
6/16/2008Corporate Quarterly Update
4/23/2008Clarifies Uranium Project on Track
4/11/2008Namibia to Build Second Desalination Plant for Uranium Mines
3/6/2008Prepares for Contract Mining at Valencia
2/25/2008Receives Water Permits
2/6/2008Uranium Exploration Licences Renewed
3/23/2007Completes Acquisition of Remaining 10% of Valencia Uranium D...
2/28/2007Completes $47.5 Million Financing
2/26/2007Acquires 70% of Ancash Investments and 5 Additional Uranium ...
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TORONTO (FSY.TO)FRANKFURT (F2T.F)
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