Foran raises $79m for McIlvenna Bay copper project

Foran Mining (TSXV: FOM) has completed a C$100 million ($79.5 million) private placement to support development and exploration at its McIlvenna Bay copper project development in northern Saskatchewan.

The financing consisted of two parts. The first part, raising C$50 million, consisted of 27.8 million common share units priced at C$1.80 each and 0.288 of a share purchase warrant. The second part, again C$50 million, consisted of 27.8 million non-voting shares and warrants under the same terms. The warrants may be exercised for purchase of common shares at a price of C$2.09 for a period of five years from the date of issuance.

Foran announced earlier this year that McIlvenna Bay will be the world’s first carbon-neutral copper mine.

The company released a positive prefeasibility study for McIlvenna Bay, located about 65 km from Flin Flon, Manitoba, in March. The study outlined a C$261 million underground mine with a nine-year life.

A feasibility study for the project is due in the fourth quarter.

(This article first appeared in the Canadian Mining Journal)