Press Release related to the acquisition of Forsys GEORGE FORREST INTERNATIONAL AFRIQUE SPRL (“GFI”) announces that it has filed a statement of claim in the Ontario Superior Court of Justice against Forsys Metals Corp. (“Forsys”) in connection with Forsys’s repudiation of the Arrangement Agreement. GFI is seeking damages in the amount of $150 million, a declaration that the reverse break fee is not payable by GFI and the payment of certain expenses of GFI’s costs by Forsys.
About this claim and the repudiation of the Arrangement Agreement by Forsys, Mr George A. Forrest, CEO and President of GFI, has declared:
“Forrest Group has been really surprised by the repudiation because prior GFI continued to work with Forsys towards the closing of the transaction. Had the closing occurred, all funds necessary for the closing of the transaction could have been made available. Forrest Group is still wondering if the transaction did not close because of the notice sent to GFI by Industry Canada or for another reason but it is very clear that Forrest Group denies any liability of any kind to Forsys under the Arrangement Agreement for any reason and specifically denies any liability for payment of any reverse break fee. Further, we believe that Forsys has breached the arrangement agreement and caused loss and damage to GFI and this is the reason we have filed a statement.”
GFI will provide updates as matters proceed.
On behalf of GEORGE FORREST INTERNATIONAL AFRIQUE SPRL,
Henry de Harenne, Spokesman
For further information related to the FORREST GROUP and its activities, visit ou website at www.forrestgroup.com.
