Foran Mining Announces $20.0 Million Brokered Private Placement Financing
On January 11, 2021 Foran Mining Corp. (“Foran” or the “Company”) announced that it had entered into an agreement with PI Financial Corp. as sole bookrunner (the “Bookrunner”), with Eight Capital and BMO Capital Markets (collectively the “Co-Lead Agents”), on behalf of a syndicate of agents (collectively, the “Agents”), in connection with a marketed best efforts private placement of up to C$20.0 million (the “Offering”).
The net proceeds from the sale of the Shares will be used by the Company for work towards completing a definitive feasibility study, working capital and general corporate purposes.
Foran Mining is a copper-zinc-gold-silver exploration and development company, and we are planning to build the first mine in Canada designed to be carbon neutral from day one. We are in the feasibility stage of development for our flagship McIlvenna Bay project in eastern Saskatchewan. McIlvenna Bay is a copper-zinc-gold-silver rich VMS deposit intended to be the center of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km from Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225km.
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