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Forsys Metals 5% Lower after Closing First Tranche of $8M Private Placement

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Forsys Metals Corp. (FSY.TO) is down 5% today at 57 cents a share, sliding 3 cents after closing on the first tranche of what will eventually be an $8 million private placement of stock with the company's largest institutional shareholder.

The uranium miner is selling nearly 13.6 million shares of common stock priced at 59 cents each to Leo Fund Managers Ltd., a London-based wealth management company. The Leo funds currently owns about 31.26% of Forsys common stock. A final closing of the financing is expect in March 2012.

Proceeds from the offering are being used for exploration at the company's Namibplaas uranium project in Namibia as well as next year completing an updated consolidated feasibility study of Namibplass and the Valencia uranium project, also in Namibia.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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