By Devika Patel
Knoxville, Tenn., Oct. 18 - Foran Mining Corp. said it has arranged a private placement of units to raise C$1.5 million.
The company will sell 8,571,427 units at C$0.175 apiece. Each unit consists of one flow-through common share and one warrant. Each two-year warrant is exercisable into one non flow-through common share at C$0.40 for the first year and C$0.75 thereafter.
MineralFields Group will be the investor for the deal, which is expected to close on Oct. 22.
The company will pay Limited Market Dealer Inc. a 6% finder's fee in cash and a number of warrants equal to 7% of the units sold, which are exercisable at C$0.175 for one year.
Proceeds will be used for exploration.
Foran is a mining company based in Saskatoon, Sask.
| Issuer: | Foran Mining Corp.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 8,571,427
|
| Price: | C$0.175
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40 in the first year; C$0.75 in the second
|
| Investor: | MineralFields Group
|
| Fees: | 6% in cash and a number of warrants equal to 7% of the units sold
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 22
|
| Stock symbol: | TSX Venture: FOM
|
| Stock price: | C$0.15 at close Oct. 17
|
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