August 15, 2016 / 11:22 AM / in a year

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

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:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below