BRIEF-Forsys announces non-brokered private placement, achieves cost reduction targets for 2016 and 2017

Mon Aug 15, 2016 7:18am EDT
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Aug 15 (Reuters) - Forsys Metals Corp :

* Forsys Metals Corp says all directors, senior management and staff have accepted substantial reductions in cash component of salaries

* Forsys announces non-brokered private placement and achieves cost reduction targets for 2016 and 2017

* Forsys Metals Corp says average cash outgoings for wages and salaries will be reduced by 87% from q4 2016

* Forsys Metals Corp says reductions in cash outgoings will be accrued and settled in shares pending customary approvals and conditions

* Forsys Metals Corp says pay reductions will achieve a low burn rate, with less than $50,000 in outgoings per month from next quarter Source text for Eikon: Further company coverage: