Junior Miner Advances Following Strategic Investment News

By: Dylan Sikes – AllPennyStocks.com News

Monday, July 15, 2024

Shares of this copper-zinc-gold-silver exploration and development company are trading higher following news of up to $315 million in strategic investments. Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) is committed to supporting a greener future, empowering communities and creating circular economies that create value for all our stakeholders while also safeguarding the environment. The company announced in a press release today a series of brokered and non-brokered strategic investments for up to $315 million, consisting of a brokered equity private placement. Foran has received indications of interest from several of its existing shareholders, including Fairfax Financial Holdings Limited and an equity private placement by Agnico Eagle Mines Limited. Foran also announced that a term sheet has been signed with a fund managed by Sprott Resource Lending Corp. to upsize its existing US$150 million senior secured project credit facility to US$250 million, which will be used to advance construction at the McIlvenna Bay Project.

The McIlvenna Bay Project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation. Initial production is expected in the fourth quarter of 2025, and commercial production is expected in the first half of 2026.

Shares were trading up in early afternoon trade.

Copyright © 2024 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.