Brokered, best-efforts offering also includes a 15% greenshoe
By Devika Patel
Knoxville, Tenn., Aug. 14 - Foran Mining Corp. announced it has arranged a C$3.5 million private placement of units and stock. The deal has a 15% greenshoe.
The company will sell 3,793,103 units of one common share and one half-share warrant at C$0.58 per unit and 2 million flow-through common shares at C$0.65 each.
Each whole warrant is exercisable at C$0.80 for one year.
The strike price represents a 25% premium to C$0.64, the Aug. 13 closing share price. The price per share is a 1.56% premium to that price.
The deal will be conducted on a best-efforts basis by lead agent Stifel Nicolaus Canada Inc and Fraser Mackenzie Ltd.
Settlement is expected Aug. 30.
Proceeds will be used for exploration and general working capital purposes.
Foran is a mining company based in Saskatoon, Sask.
| Issuer: | Foran Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through common shares
|
| Amount: | C$3.5 million
|
| Greenshoe: | 15%
|
| Agents: | Stifel Nicolaus Canada Inc. (lead) and Fraser Mackenzie Ltd.
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 30
|
| Stock symbol: | TSX Venture: FOM
|
| Stock price: | C$0.64 at close Aug. 13
|
| Market capitalization: | C$44.05 million
|
|
|
| Units
|
| Amount: | C$2.2 million
|
| Units: | 3,793,103
|
| Price: | C$0.58
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.80
|
|
|
| Shares
|
| Amount: | C$1.3 million
|
| Shares: | 2 million
|
| Price: | C$0.65
|
| Warrants: | No
|
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