Forsys closes $2.7-million financingForsys closes $2.7-million financing
Forsys Metals Corp (TSX-V:FSY)
Shares Issued 25,120,688
Last Close 8/8/2005 $0.88
Tuesday August 09 2005 - News Release
Mr. Wayne Isaacs reports
FORSYS COMPLETES FINANCING
Forsys Metals Corp. has completed a previously announced brokered private placement through Quest Securities Corp. of nine million units of the company at a price of 30 cents per unit for total gross proceeds of $2.7-million. Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant entitles the holder thereof to purchase one common share of the company at 45 cents at any time on or before Aug. 5, 2007. The common shares and the warrants issued pursuant to the private placement are subject to a hold period which expires on Dec. 6, 2005.
Quest received for its services in connection with the private placement a fee of $189,000 and broker warrants entitling Quest to purchase a total of 630,000 units at a price of 30 cents per unit at any time on or before Aug. 5, 2007.
The net proceeds from the private placement will be used by the company toward the purchase of the Valencia uranium deposit located in Namibia, Africa, as detailed in news in Stockwatch July 6, 2005, and to immediately commission a National Instrument 43-101 report on Valencia and for general working capital.