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Enter Symbol
or Name
USA
CA



Forsys Metals Corp
Symbol FSY
Shares Issued 109,875,422
Close 2014-09-23 C$ 0.26
Market Cap C$ 28,567,610
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Forsys shareholder Leonardo to boost holdings to 55.54%

2014-09-23 20:14 ET - News Release

An anonymous director reports

AFFILIATE OF LEO FUND MANAGERS ANNOUNCES ACQUISITION OF COMMON SHARES AND WARRANTS OF FORSYS METALS CORP.

Leonardo Global Trading Ltd., the wholly owned subsidiary of Leonardo Trust (an affiliate of Leo Fund Managers Ltd.), has entered into an agreement with Forsys Metals Corp. to subscribe for 7.2 million units of Forsys on a private placement basis at a price of 25 cents per unit for a total purchase price of $1.8-million. Each unit consists of one Class A common share and one-half of one common share purchase warrant that entitles the holder to acquire a new common share in Forsys at a price of 35 cents for a period of two years from the date of issue. The private placement is subject to the approval of the Toronto Stock Exchange.

Leonardo Trust also announces that its wholly owned subsidiary, Leonardo Global Trading Ltd., has acquired 27,222,900 common shares of Forsys pursuant to a corporate reorganization and consolidation from two related entities for nil consideration. The common shares acquired by Leonardo Trust represent approximately 23.01 per cent of the outstanding common shares.

Leonardo Trust's wholly owned subsidiary has also acquired an additional 15,079,591 common shares (approximately 12.75 per cent of the outstanding common shares) for nil consideration, transferred as a result of a windup of a fund managed by Leo Fund Managers.

Following the completion of the transactions described above (and following completion of the private placement), Leonardo Trust and its affiliates will have control and direction over 65,706,400 common shares and warrants to acquire 3.6 million common shares of Forsys. The common shares represent approximately 55.54 per cent of the issued and outstanding common shares of Forsys.

Leonardo Trust and its affiliates acquired the common shares and warrants of Forsys for investment purposes. Leonardo Trust and its affiliates may in the future, subject to regulatory constraints, take such actions in respect of their holdings of securities of Forsys as they may deem appropriate in light of the circumstances then existing, including the purchase of additional securities of Forsys through open market purchases or privately negotiated transactions or the sale of all or a portion of their securities of Forsys in the open market or in privately negotiated transactions to one or more purchasers.

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