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  • Forsys Metals Corp (FSY) has closed its bought deal private placement financing of 26,000,000 units for gross proceeds of C$13M
  • Proceeds from the offering will be used primarily for the advancement of the company’s Norasa Project in Namibia
  • Canaccord Genuity Corp. and Red Cloud Securities Inc. received a cash commission and broker warrants
  • Forsys Metals Corp. is an emerging uranium developer
  • Forsys Metals Corp. (FSY) is up 11.59 per cent, trading at $0.77 per share at 1 pm ET

Forsys Metals Corp (FSY) has closed its bought deal private placement financing of 26,000,000 units.

Units were priced at C$0.50 for gross proceeds of C$13,000,000.

Proceeds from the offering will be used for the advancement of the company’s Norasa Project in Namibia and for general corporate purposes.

Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant is redeemable for one common share at a price of C$0.75 at any time within 24 months of the closing date.

The offering was underwritten on a bought-deal basis by Canaccord Genuity Corp. and Red Cloud Securities Inc. 

In connection with the offering, the Co-Lead Underwriters received a cash commission equal to 7 per cent of the gross proceeds and that number of broker warrants equal to 7 per cent of the aggregate number of units sold under the offering (for a total of 1,820,000 broker warrants).

Each broker warrant is redeemable for one common share at $0.57.

All securities issued under the offering will be subject to a hold period of four months following the closing date.

Forsys Metals Corp. is an emerging uranium developer with 100% ownership of the Valencia uranium project and the Namibplaas uranium project in Namibia, Africa.

Forsys Metals Corp. (FSY) is up 11.59 per cent, trading at $0.77 per share at 1 pm ET.

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