Exploration and development firm Foran Mining has raised C$100-million in a private placement, which it will use to advance its projects in Saskatchewan.
The company offered 20.27-million shares of the company at an issue price of C$3.70 a share for gross proceeds of C$75-million, as well as 4.42-million as a flow-through shares at an issue price of C5.66 a share for gross proceeds of C$25-million.
Foran is advancing the McIlvenna Bay project in the 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 VHMS 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 sits just 65 km west of 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 225 km. McIlvenna Bay is the biggest undeveloped VHMS deposit in the region.
Foran in February last year announced the results from the McIlvenna Bay feasibility study, outlining that current mineral reserves would potentially support an 18-year mine life producing an average of 65-million pounds a year of copper equivalent.