GEORGE FORREST AGREES TO PURCHASE FORSYS METALS FOR C$7 A SHARE
(The following press release was issued by the Forrest Group and distributed via e-mail. The statement was not confirmed.)
The FORREST Group is pleased to announce that it has concluded an agreement with the company FORSYS METALS extending the closing date of the acquisition of FORSYS METALS to July 31, 2009.
This agreement plans the purchase, for a price of CAD 7.00 per share, of all of the FORSYS common shares as well as options and warrants.
This additional extension gives the FORREST Group the opportunity to finalize all the operations which, being considered as a whole, relate to the acquisition of the company, the industrial development of the mine and the production of uranium as soon as possible.
Regarding the extension agreement, with a view to demonstrate its determination and commitment to proceed and carry out the operation, the FORREST Group has agreed to guarantee, by way of indemnification, a CAD 20 million break fee in case the deal would be called off.
Moreover, beyond the CAD 10 million the FORREST Group has already mobilized to enable FORSYS to proceed with the exploration programs and the certification of the deposits, the FORREST Group has decided to provide FORSYS, if it turns out to be necessary, an additional CAD 20 million to proceed with the current exploration programs and certification of the deposits. Within this context, the detailed rules for the application of this payment will be determined by an agreement to be concluded between FORSYS and the FORREST Group.
About this extension agreement, Mr George A. FORREST, President of the FORREST Group, has stated : « I am truly delighted that we have been able to conclude this agreement. It gives the FORREST Group the time and the opportunity to finalize all the technical, financial and environmental studies that are actually necessary to achieve this project in a favourable context for its industrial development and profitablity. It also enables the FORREST Group to finalize the mobilization of human, financial and technical means garanteeing the successful achievement of this operation. »
The FORREST Group is a group of companies owned by George A. FORREST or in which he holds a stake. Since 1922, the FORREST Group successfully develops industrial projects, mainly in Sub-Saharan Africa, in various sectors of activities such as the mining, civil engeering, cement and energy sectors. In the Democratic Republic of Congo (DRC), the FORREST Group has become the largest private employer and investor and gives an employment to more than 15,000 persons. The FORREST Group has also developped companies in Kenya, South Africa, Abu Dhabi and Belgium. Living up to its motto, « working together to build the future », the FORREST Group considers with the greatest optimism the development of its activities and know-how in a country as promising as Namibia actually is.
Last Updated: April 2, 2009 12:40 EDT |
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