FSY Receives Final Court ApprovalForsys Metals Corp. Receives Final Court Approval forArrangement - March 3, 2009 10:53AM ET
Forsys Metals Corp.("Forsys")(TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announcethat it has now received a final order from the Ontario Superior Court ofJustice (Commercial List) approving the plan of arrangement under the BusinessCorporations Act (Ontario) to effect the previously announced acquisition of allForsys' outstanding common shares, options and warrants by George ForrestInternational Afrique S.P.R.L. (or its nominee).
The closing of the plan of arrangement transaction isexpected to occur after the satisfaction and/or waiver of all conditions precedentto the plan of arrangement, which is currently expected to occur on or aboutMarch 12, 2009 but no later than March 18, 2009.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer inNamibia with 100% ownership in the Valencia Uranium Deposit, for which MiningLicence ML149 was received in August 2008. The Company also has an extensiveportfolio of uranium exploration projects totaling over 252,000 ha located inNamibia, Africa a politically-stable, mining friendly jurisdiction.
About George Forrest International SA
The Forrest Group is a private industrial conglomeratefounded in 1922 in what is now the Democratic Republic of Congo. The ForrestGroup is one of the country's largest enterprises with businesses spanningcivil engineering, mining, manufacturing and construction and operations inAfrica, Europe and the Middle East. With the recent expansion of ForrestInternational into the Namibian market, George Forrest, President of theForrest Group, stated "Namibia, in my view, is a country with a verypositive future for economic growth and represents a very good return oninvestment." Forrest also noted that he was very impressed with theNamibian infrastructure and the regulatory environmental standards.
About Namibia
Namibia is located on the west coast of Africa, borderedby Angola and Zambia to the north, Botswana to the east, and South Africa tothe south. The population of Namibia is estimated at just over two millionpeople, with the capital located in Windhoek. The climate is dry with sparserainfall during the rainy season. At present, 20% of the annual GDP comesdirectly from mining; Namibia is the fifth largest producer of uranium in theworld.
On Behalf of the Board of Directors of Forsys MetalsCorp.
Duane Parnham, President and CEO
For further information visit our website at www.forsysmetals.com.
Sedar Profile #00008536
Forward-Looking Information
This news release contains projections and forwardlooking information that involve various risks and uncertainties regardingfuture events. Such forward looking information can include without limitationstatements based on current expectations involving a number of risks anduncertainties and are not guarantees of future performance of the Corporation.These risks and uncertainties could cause actual results and the Corporation'splans and objectives to differ materially from those expressed in the forwardlooking information. Actual results and future events could differ materiallyfrom anticipated in such information. These and all subsequent written and oralforward looking information are based on estimates and opinions of managementon the dates they are made and expressed qualified in their entirety by thisnotice. The Corporation assumes no obligation to update forward lookinginformation should circumstances or management's estimates or opinions change.
Footnote:
The number of Forsys shares currently outstanding is77,935,231. Given the number of options and warrants that are currently inissue, Forsys' share capital amounts to 91,273,231 shares on a fully dilutedbasis.
Shares Outstanding: 77,935,231
SOURCE: Forsys Metals Corp.
Forsys Metals Corp.
Duane Parnham
President and CEO
(905) 844-4646
Email: info@forsysmetals.com
In Namibia
Forsys Metals Corp.
+264 61 219 462
Email: vul@forsysmetals.com
Website: www.forsysmetals.com