NATIONAL INSTRUMENT 62-103
EARLY WARNING REPORT
The following information is filed pursuant to the provisions of applicable securities
legislation:
(a) Name and address of the offeror:
Leo Fund Managers Limited ("Manager")
Liscartan House
127 Sloane Street
London SW1X 9AS
United Kingdom
Attention: Richard Parkhouse
(b) Name of Reporting Issuer:
Forsys Metals Corporation ("Forsys")
(c) The designation, number, and percentage of securities, the occurrence giving
rise to the obligation to file this report, and whether it was ownership or
control that was acquired in those circumstances:
On August 7, 2009, the Manager acquired 97,900 common shares of Forsys on
the Toronto Stock Exchange at market prices ranging from Cdn$6.39 to $6.42 for
funds ("Funds") of which it is the investment manager with investment making
power.
(d) The designation and number or principal amount of securities and the
offeror's security holding percentage in the class of securities immediately
after the transaction or occurrence giving rise to the obligation to file this
report:
As at the end of August 19, 2009 the Manager controls and has direction over an
aggregate of 9,321,218 common shares ("Shares") of Forsys representing
approximately 11.801% of the issued and outstanding common shares of Forsys.
(e) The name of the market in which the transaction or occurrence that gave rise
to the obligation to file this report took place:
The Shares were acquired through the facilities of the Toronto Stock Exchange.
(f) The purpose of the offeror and any joint actors in effecting the transaction or
occurrence that gave rise to the obligation to file this report, including any
future intention to acquire ownership of, or control over, additional
securities of the reporting issuer:
2
The Shares were acquired for investment purposes in anticipation of the publicly
announced acquisition of Forsys by George Forrest International. The Funds may,
depending on market and other conditions, increase or decrease the Funds'
beneficial ownership of the shares of Forsys, whether in the open market, by
privately negotiated agreements, or otherwise.