09:06 AM EDT, 09/29/2025 (MT Newswires) -- Forsys Metals ( FOSYF ) on Monday said Red Cloud Securities agreed to buy for resale on a "bought deal" basis units for proceeds of near C$10 million.

The company said the offering involved near 17.9-million units at $0.56 apiece. Each unit will consist of one class A common share and one-half of one class A common share purchase warrant. Each whole warrant shall entitle the holder to purchase one class A common share of the company at a price of C$0.80 at any time on or before that date which is 36 months after the closing date

Forsys will grant to Red Cloud an option, exercisable up to 48 hours prior to the closing date, scheduled for October 16, to buy for resale up to an additional near 3.6-million units at the offering price for additional proceeds of up to $2 million.

Proceeds will fund the advancement of its Norasa Project in Namibia and for working capital and general corporate needs.

Shares of the company closed up 1.5% to $0.66 last Friday on the Toronto Stock Exchange.