Peterson McVicar Acts for Foran Mining in Strategic C$100 Million Private Placement to Fairfax
On May 25, 2021 Foran Mining Corp. (“Foran” or the “Company”) announced that it had entered into a letter agreement pursuant to which Fairfax Financial Holdings Limited, through certain of its subsidiaries (collectively, “Fairfax”), will make a strategic CAD$100 million investment in the Company in exchange for the issuance by the Company of common shares, non-voting common shares, and warrants.
The net proceeds of the Financing will be used to rapidly advance the development of the McIlvenna Bay project and centralized mill for the Hanson Lake district as well as further exploration in the Hanson Lake district, enable further investment in key technological and operational research and equipment, 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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