Forsys Metals Corp. has announced that it has upsized its previously planned private placement to C$17 million following strong investor demand.
The financing will support the advancement of the company’s Norasa Uranium Project, one of Namibia’s most advanced uranium developments.
The Toronto-listed explorer said the bought deal private placement, underwritten by Red Cloud Securities, had initially been pegged at C$10 million but was expanded to nearly C$17 million after being oversubscribed.
Under the revised terms, Red Cloud will purchase 30,358,000 units at C$0.56 per unit, with each unit consisting of one common share and half a warrant exercisable at C$0.80 over a 36-month period.
An overallotment option, if exercised, could raise an additional C$3 million, bringing the total potential proceeds to C$20 million.
Forsys said the net proceeds will be directed primarily towards advancing the Norasa Project in Namibia, which comprises the Valencia uranium deposit and the nearby Namibplaas deposit.
Together, these form the Norasa resource base, which the company has positioned as a key contributor to the next generation of uranium production in the country.
The funds will also cover working capital and general corporate purposes.
“The strength of the demand for this financing reflects the renewed investor confidence in uranium and the quality of our Norasa asset,” the company said.
Subject to approvals, the offering is expected to close on October 16, 2025.
The placement takes advantage of Canada’s Listed Issuer Financing Exemption, meaning the shares issued under this provision will be freely tradeable in Canada without the customary four-month hold period.
Units sold outside of this exemption, however, will remain subject to standard securities law restrictions.
Norasa, located in Namibia’s Erongo Region, has long been recognised as a significant uranium project in a country that is already Africa’s leading uranium producer. Namibia hosts several large-scale operations, and Forsys has positioned itself as part of the country’s next wave of uranium development alongside established producers.
Forsys, which trades on the Toronto Stock Exchange, the Frankfurt Stock Exchange, and the Namibian Stock Exchange, describes Namibia as a stable, mining-friendly jurisdiction with a strong uranium pedigree.
The company stated that the additional capital will enable it to advance project studies and maintain momentum at a time when global demand for nuclear fuel is increasing, driven by energy security concerns and the global shift toward low-carbon power sources.
The Norasa Project, which sits on Mining Licence 149 (Valencia) and Exclusive Prospecting Licence 3638 (Namibplaas), is wholly owned by Forsys.
The company has stressed that with permitting already in place and infrastructure access established, the focus now is on optimising the project’s development pathway in anticipation of favourable uranium market conditions.
The financing underscores Forsys’s growing role in Namibia’s uranium sector, ensuring that its Norasa asset is well-capitalised for the following stages of technical and project advancement.
Investors and the market will now be looking to October’s closing of the placement and updates on how the funds will accelerate development of one of Namibia’s most strategically placed uranium resources.