March 03, 2009 11:13 ET
TORONTO, ONTARIO--(Marketwire - March 3, 2009) - Forsys Metals Corp. ("Forsys")(TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce that it has now received a final order from the Ontario Superior Court of Justice (Commercial List) approving the plan of arrangement under the Business Corporations Act (Ontario) to effect the previously announced acquisition of all Forsys' outstanding common shares, options and warrants by George Forrest International Afrique S.P.R.L. (or its nominee).
The closing of the plan of arrangement transaction is expected to occur after the satisfaction and/or waiver of all conditions precedent to the plan of arrangement, which is currently expected to occur on or about March 12, 2009 but no later than March 18, 2009.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer in Namibia with 100% ownership in the Valencia Uranium Deposit, for which Mining Licence ML149 was received in August 2008. The Company also has an extensive portfolio of uranium exploration projects totaling over 252,000 ha located in Namibia, Africa a politically-stable, mining friendly jurisdiction.
About George Forrest International SA
The Forrest Group is a private industrial conglomerate founded in 1922 in what is now the Democratic Republic of Congo. The Forrest Group is one of the country's largest enterprises with businesses spanning civil engineering, mining, manufacturing and construction and operations in Africa, Europe and the Middle East. With the recent expansion of Forrest International into the Namibian market, George Forrest, President of the Forrest Group, stated "Namibia, in my view, is a country with a very positive future for economic growth and represents a very good return on investment." Forrest also noted that he was very impressed with the Namibian infrastructure and the regulatory environmental standards.
Namibia is located on the west coast of Africa, bordered by Angola and Zambia to the north, Botswana to the east, and South Africa to the south. The population of Namibia is estimated at just over two million people, with the capital located in Windhoek. The climate is dry with sparse rainfall during the rainy season. At present, 20% of the annual GDP comes directly from mining; Namibia is the fifth largest producer of uranium in the world.
On Behalf of the Board of Directors of Forsys Metals Corp.
Duane Parnham, President and CEO
For further information visit our website at www.forsysmetals.com.
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This news release contains projections and forward looking information that involve various risks and uncertainties regarding future events. Such forward looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Corporation assumes no obligation to update forward looking information should circumstances or management's estimates or opinions change.
The number of Forsys shares currently outstanding is 77,935,231. Given the number of options and warrants that are currently in issue, Forsys' share capital amounts to 91,273,231 shares on a fully diluted basis.
Shares Outstanding: 77,935,231
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forsys Metals Corp.Duane ParnhamPresident and CEO(905) 844-4646Email: email@example.comIn NamibiaForsys Metals Corp.+264 61 219 462Email: firstname.lastname@example.orgWebsite: www.forsysmetals.com
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