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Message: Receives Final Court Approval for Arrangement
| March 3, 2009 |
| Forsys Metals Corp. Receives Final Court Approval for Arrangement |
| TORONTO, ONTARIO--(Marketwire - March 3, 2009) - Forsys Metals Corp. ("Forsys")(TSX:FSY)(FRANKFURT:F2T)(N... 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. About Namibia 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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