Staff Writer | March 27, 2023 |
Proceeds from Foran’s private placement will go toward further exportation at McIlvenna Bay project. Foran Mining photo
Foran Mining (TSXV: FOM) has completed its C$100 million private placement. The offering consisted of over 20 million common shares of the company at an issue price of C$3.70 for gross proceeds of C$75 million, and over 4.4 million flow-through shares at C$5.66 per share for gross proceeds of C$25 million.
The net proceeds will be used for exploration and development of the company’s projects in Saskatchewan, and for working capital and general corporate purposes.
Foran owns the McIlvenna Bay project in Saskatchewan, located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation. The company also owns the Bigstone project, a resource development stage deposit located 25 km southwest of its McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich volcanogenic hosted massive-sulphide (VHS) deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay is the largest undeveloped VMS deposit in the region.
A feasibility study on Feb. 2022, outlined that current mineral reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually.
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