Non-brokered financing will offer 5,882,352 units at C$0.17 per unit
By Devika Patel
Knoxville, Tenn., June 15 – Foran Mining Corp. announced it has arranged a C$1 million non-brokered private placement of units.
The company will sell 5,882,352 units of one common share and one half-share warrant at C$0.17 per unit.
Each whole warrant is exercisable at C$0.25 for 18 months. The strike price represents an 8.7% premium to C$0.23, the June 14 closing share price.
Pierre Lassonde, who counts as an insider because of his current ownership, and Darren Morcombe, the company’s executive chairman, expect to participate.
Settlement is expected June 30.
Proceeds will be used for metallurgical studies on the McIlvenna Bay Project, engineering work and general corporate purposes.
Foran is a copper, zinc, gold and silver mining company based in Vancouver,B.C.
| Issuer: | Foran Mining Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 5,882,352
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| Price: | C$0.17
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.25
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| Agents: | Non-brokered
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| Investors: | Pierre Lassonde and Darren Morcombe
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| Pricing date: | June 15
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| Settlement date: | June 30
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| Stock symbol: | TSX Venture: FOM
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| Stock price: | C$0.23 at close June 14
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| Market capitalization: | C$21.79 million
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