Forsys Announces Closing of Bought Deal LIFE Private Placement for Gross Proceeds of C$18.9 Million

Executive Summary

• Forsys Metals Corp. closed a bought‑deal private placement for gross proceeds of C$18,925,760, including the exercise of an over‑allotment option for an additional C$1,925,280.
• The offering consisted of 33,796,000 units priced at C$0.56 per unit; each unit includes one Class A common share and half a warrant to purchase another share at C$0.80 (exercisable until Oct 16 2028).
• Net proceeds will be used to advance the Norasa Uranium Project in Namibia, as well as for working capital and general corporate purposes.

Key Details

• Units sold: 33,796,000 (including over‑allotment) at C$0.56 per unit → Gross proceeds: C$18,925,760.
• Over‑allotment exercised: Additional units representing C$1,925,280 of gross proceeds.
• Unit composition: 1 Class A common share + ½ warrant (each whole warrant allows purchase of one Class A share at C$0.80, exercisable until 16 Oct 2028).
• Underwriter: Red Cloud Securities Inc., acting as sole underwriter and bookrunner.
• Broker compensation: Cash fees of C$1,135,545.60 plus 2,027,760 broker warrants (each exercisable at C$0.66 per share, subject to a statutory hold period until 17 Feb 2026).
• Insider participation: An insider purchased 8,928,600 units; transaction relied on MI 61‑101 exemptions as the fair market value did not exceed 25 % of market cap.
• Use of proceeds: Funding advancement of the Norasa Project (Valencia and Namibplaas deposits) plus working capital and general corporate purposes.
• Regulatory notes: Units issued under NI 45‑106 listed issuer financing exemption; no hold period for investors, but broker warrants subject to statutory hold. Final TSX approval still required.

Notable Quotes

• “The successful closing of this offering provides us with the capital needed to accelerate development at Norasa and positions Forsys for continued growth,” – Richard Parkhouse, Investor Relations.