Copper/zinc/gold/silver exploration company Foran Mining has announced a brokered private placement to raise C$200-million.
BMO Capital Markets is the sole bookrunner and co-lead agent, together with Eight Capital and National Bank Financial as co-lead agents.
The offering will consist of 46.35-million common shares at C$4.10 a share for up to C$190-million and up to 1.56-million shares with each such share to be issued as flow-through shares.
The net proceeds of the offering will be used for exploration and development of the company’s mineral projects in Saskatchewan.
Foran holds eight properties encompassing over 140 000 ha within the Hanson Lake district, along the deposit-rich Flin Flon Greenstone Belt. Its current projects include the development of the McIlvenna Bay deposit, evaluation of the Bigstone deposit, and near near-mine exploration of several promising targets.