Source: Foran Mining Corp.
  • Foran Mining Corp. (FOM) has announced a private placement to raise gross proceeds of up to C$75,000,540
  • The company will offer up to 13,513,600 common shares priced at $3.70 per share and up to 4,417,000 flow-through common shares priced at $5.66 per share
  • The net proceeds will be used primarily for the exploration and development of the company’s mineral projects in Saskatchewan
  • The company owns the McIlvenna Bay and Bigstone projects
  • Foran Mining Corporation (FOM) is down 5.44 per cent on the day, trading at $3.65 per share at 1:30 pm ET

Foran Mining Corp. (FOM) has announced a private placement to raise gross proceeds of up to C$75,000,540.

The company signed an agreement with Eight Capital and PI Financial Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents under which the company will offer up to 13,513,600 common shares priced at $3.70 per share and up to 4,417,000 flow-through common shares priced at $5.66 per share.

The net proceeds will be used primarily for the exploration and development of the company’s mineral projects in Saskatchewan.

The agents will receive a cash commission of 5.0 per cent of the gross proceeds of the offering.

The offering is scheduled to close on or about March 27, 2023.

The securities issued will be subject to a statutory four-month hold period.

About Foran Mining

Foran Mining is a zinc-copper exploration and development company with projects located along the Flin Flon Greenstone Belt. The company owns the McIlvenna Bay and Bigstone projects. McIlvenna Bay is the world’s first carbon-neutral copper development project, host to a significant and scalable resource located in Saskatchewan. The Bigstone deposit is located within the Northern Lights Property, which lies west of McIlvenna Bay. 

Foran Mining Corporation (FOM) is down 5.44 per cent on the day, trading at $3.65 per share at 1:30 pm ET.


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