- Foran Mining Corporation (FOM) has closed a US$150 million senior secured project credit facility
- The company closed the credit facility with a fund managed by Sprott Resource Lending Corp
- Foran plans to use funds from the credit facility towards construction of the McIlvenna Bay Project in east-central Saskatchewan as well as general corporate purposes
- Foran Mining is a copper-zinc-gold-silver exploration and development company committed to supporting a greener future
- Sprott is an alternative asset manager and global leader in mining and real asset investments
- Foran Mining Corporation opened trading at C$2.89
Foran Mining Corporation (FOM) has closed a US$150 million senior secured project credit facility.
The company closed the credit facility with a fund managed by Sprott Resource Lending Corp.
Foran plans to use funds from the credit facility for the construction of the McIlvenna Bay Project in east-central Saskatchewan and for general corporate purposes.
“Over the past 18 months, we have been meticulously evaluating various financing proposals from numerous lenders to support the development of McIlvenna Bay,” said Dan Myerson, Foran’s Executive Chairman & CEO.
“Securing project finance is a very significant milestone for the company, and we believe this agreement maximizes risk-adjusted value per share for existing shareholders,” he added.
“Our financing of Foran is consistent with our strategy to provide innovative and flexible capital to maximize the value of exceptional projects, which McIlvenna Bay is, and support world-class management teams,” noted Narinder Nagra, Managing Partner of Sprott.
The credit facility consists of a $150 million non-revolving project credit facility with a maturity date of September 30, 2030. It has no requirements for hedging, cash sweeps, standby charges, production-linked payments, issuance of shares, or issuance of warrants.
Foran has received an initial advance of $29.5 million. Subsequent advances are available to the company upon the satisfaction of customary conditions.
Foran Mining is a copper-zinc-gold-silver exploration and development company committed to supporting a greener future.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years.
Sprott is an alternative asset manager and global leader in mining and real asset investments.
Foran Mining Corporation opened trading at C$2.89.