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ARTICLE · 03 SEPTEMBER 2009

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

Davies Ward Phillips & Vineberg LLP
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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").

CanadaAntitrust/Competition Law
George Addy
George Addy
Anita Banicevic
Anita Banicevic
Mark Katz
Mark Katz
Hillel Rosen
Hillel Rosen
John Bodrug
John Bodrug
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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.

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