Forsys still waiting on George Forrest deal

18th August 2009

By: Liezel Hill


Font size: - +

TORONTO ( – About nine months since uranium hopeful Forsys Metals agreed to a takeover, shareholders are still waiting for buyer George Forrest International (GFI) to finalise the cash it needs to wrap up the transaction.

Forsys issued a statement on August 4, in which it said the plan of arrangement with GFI was expected to be concluded on Monday this week.

However, the firm has now been advised that GFI is still “attending to issues relating to the transfer of funds necessary to complete the plan of arrangement and accordingly has requested a further extension of time”.

The arrangement agreement will stay in force for at least another four days, pending receipt of the funds, as GFI now expects the money will be received and confirmed by the depositary on or by August 24, Forsys said on Tuesday.

The deal was initially expected to close by March 18, but Forsys agreed earlier this year to extend the deadline to July 31, because GFI needed extra time to arrange financing for the acquisition.

Forsys agreed last year to a C$7,00 a share takeover by GFI, and would receive a break fee of C$20-million if GFI breached the agreement.

GFI said on August 4 that it had signed definitive and binding investment documentation on terms that would allow the acquisition of Forsys to go ahead.

Forsys' flagship asset is the Valencia uranium project in Namibia.

Edited by Liezel Hill



Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

Magni SA
Magni SA

Magni SA is committed to developing the safest Telehandlers available to our customers for underground and surface mining, construction, forestry,...


Latest Multimedia

sponsored by

Magazine round up | 29 September 2023
Magazine round up | 29 September 2023
29th September 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.095 0.127s - 88pq - 2rq
Subscribe Now