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Canadian National Security Review: Broad Application In The Uranium Sector?

Publication: Mondaq Business Briefing
Publication Date: 03-SEP-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Canadian National Security Review: Broad Application In The Uranium Sector?(Forsys Metals Corp. by George Forrest International Afrique S.P.R.L.)

Article Excerpt
While the public disclosure is incomplete, it appears that an intervention by the Canadian Minister of Industry under the new national security review provisions of the Investment Canada Act ("ICA") played a role in the termination on August 24, 2009 of a proposed acquisition of Forsys Metals Corp. by George Forrest International Afrique S.P.R.L. ("GFI"). Whatever the precise details, this development illustrates the potentially very broad scope of the ICA national security review process and the need to take its potential application into consideration for transactions with even relatively limited links to Canada.

The Proposed Transaction Forsys is a publicly-traded mineral exploration company incorporated and listed in Canada. Its projects, including a uranium deposit which Forsys describes as being close to production, are located in Namibia, Africa. Forsys does not appear to have any mineral properties or projects in Canada.

GFI is a member of the Forrest Group, a private industrial conglomerate with...



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