Foran upsizes placement to C$360m
Foran Mining, which this week approved the C$604-million construction of a new mine in Saskatchewan, has upsized its proposed brokered placement to C$360-million.
The TSX-listed company will increase the size of its placement agreement with Eight Capital from C$222-million to C$260.90-million.
Foran also intends to amend its subscription agreement with Agnico Eagle Mines, with the gold miner agreeing to acquire up to 24.47-million shares at C$4.05 a share for almost C$100-million. The revised subscription will result in Agnico maintaining its 9.9% shareholding in Foran.
On Monday, Foran announced a board decision to formally proceed with the McIlvenna Bay copper and zinc mine.
McIlvenna Bay is currently host to one of the biggest undeveloped volcanogenic massive sulphide deposits in the region, with indicated resources of 39-million tonnes grading 1.20% copper, 2.16% zinc, 0.41 g/t gold and 14 g/t silver.
A 2022 feasibility study for the McIlvenna Bay deposit outlined that current mineral reserves would potentially support an 18-year underground mine operation capable of producing an average of 65-million pounds a year of copper equivalent.
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