Forsys seeks funds for feasibility study
Forsys Metals Corp recently announced its intention to raise approximately N$32 million, the majority of which will be used to finance the completion of a feasibility study centred around its Norasa uranium project. The feasibility study is expected to be completed in the first quarter of 2015, and is currently being prepared by AMEC, a British multinational consultancy, engineering and project management company.
Forsys received a firm commitment from Leo Fund Managers Limited, its largest shareholder, whereby Leo will subscribe on behalf of certain of its funds for 6.625 million Units for gross proceeds of C$2.12 million. Forsys Chief Executive Officer Marcel Hilmer said, “A further investment in the Company [Forsys] by Leo, a leading European financial services company based in London, demonstrates a continuing commitment by Leo to the Company specifically and the uranium industry in general.” In March 2014 Forsys updated its initial scoping studies, pit optimization, metallurgical environmental and economic studies for the development of Norasa. The mineral resources were reported above cut-off grades of 100 parts per million and 160 parts per million U3O8 for Valencia and Namibplaas respectively.