Peterson Law Acts for Foran Mining Corporation as It Closes $13.8 Million Private Placement.
On March 11, 2011 Foran Mining Corporation (“Foran”) closed a non-brokered private placement of 6,000,000 flow-through common shares (“Flow-Through Shares”) at C$1.25 per share for gross proceeds of $7,500,000. In addition, Foran closed a brokered private placement of 6,000,00 non-flow through common shares at C$1.05 per share for gross proceeds of $6,300,000. With the closing of this placement, Foran has raised total gross proceeds of $13,800,000.
Foran is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a Volcanogenic Massive Sulfide (VMS) Deposit located 60 kilometres west of Flin Flon, Manitoba. The McIlvenna Bay Deposit is one of the largest undeveloped VMS deposits in the region with a mineral resource of 6.7 million tonnes of 0.87% Copper, 6.51% Zinc, and 26.0 grams Silver in the Indicated Category and an Inferred Resource of 6 million tonnes running 0.83% Copper, 5.89% Zinc and 24.8 grams Silver at a cut-off grade of 1.5% Cu and 4.0% Zn. (Outlined in a NI-43-101 report in November 2006 by Scott Wilson Roscoe Postle and Associates Inc.)
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