Foran Mining (TSXV: FOM; OTC: FMCXF) has completed a $100-million private placement to support development and exploration at its McIlvenna Bay copper project development in northern Saskatchewan.
The financing consisted of two parts. The first part, raising $50 million, consisted of 27.8 million common share units priced at $1.80 each and 0.288 of a share purchase warrant. The second part, again $50 million, consisted of 27.8 million non-voting shares and warrants under the same terms. The warrants may be exercised for purchase of common shares at a price of $2.09 for a period of five years from the date of issuance.
Foran announced earlier this year that McIlvenna Bay will be the world’s first carbon neutral copper mine.
The company released a positive prefeasibility study for McIlvenna Bay, located about 65 km from Flin Flon, Man., in March. The study outlined a $261-million underground mine with a nine year life. A feasibility study for the project is due in the fourth quarter.
More information about McIlvenna Bay is posted at www.ForanMining.com.