Foran Announces Non-Brokered Flow-Through Financing
January 17 2014 - 6:22PM
Marketwired
Foran Announces Non-Brokered Flow-Through Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 17, 2014) -
Foran Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the
"Company") is pleased to announce it has negotiated a non-brokered
private placement (the "Placement") of up to 6,000,000 units of the
Company (the "Units") at a price of $0.20 for aggregate gross
proceeds of up to $1,200,000. Each Unit shall consist of one common
share of the Company (a "Common Share") issued on a flow-through
basis in connection with which Foran will incur and renounce
Canadian exploration expenses, and one-half of one Common Share
purchase warrant (each whole warrant, a "Warrant"). Each whole
Warrant shall be exercisable for one Common Share at a price of
$0.30 per Common Share for 18 months from the date of closing of
the Placement.
Closing of the Placement is anticipated to occur on or about
February 12, 2014, subject to receipt of all required regulatory
approvals, including TSX Venture Exchange approval. All securities
issued in the Placement will be subject to a four month hold period
from the date of closing of the Placement. Finder's fees will be
payable in connection with the Placement, in accordance with the
policies of the TSX Venture Exchange.
The proceeds of the Placement will be used for exploration on
the Company's landholdings in east-central Saskatchewan surrounding
its 100% owned McIlvenna Bay Deposit.
As at September 30, 2013, the Company had a treasury of $4.6
million in cash and cash equivalents.
About Foran
Mining
Foran is a diversified exploration and development company with
projects in the Flin Flon Mining Belt. The Company's flagship
McIlvenna Bay Deposit, located in east central Saskatchewan, 65
kilometres west of Flin Flon, Manitoba, is one of the largest
undeveloped volcanogenic massive sulphide ("VMS") deposits in
Canada.
On March 27, 2013, Foran announced an increased mineral resource
estimate for the McIlvenna Bay Deposit, with indicated resources of
13.9 million tonnes grading 1.96% copper equivalent (1.28% Cu,
2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred resource of 11.3
million tonnes grading 2.01% copper equivalent (1.32% Cu, 2.97% Zn,
0.43 g/t Au, 17 g/t Ag). For additional information, see the Foran
news release dated March 27, 2013 or the report entitled "Technical
Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated
December 9, 2011 at www.sedar.com or www.foranmining.com. Roger
March, VP Project Exploration for Foran and a Qualified Person
within the meaning of National Instrument 43-101, has reviewed and
approved the technical information in this release.
Foran trades on the TSX.V under the symbol "FOM".
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward Looking
Statements
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, Foran's objectives,
goals or future plans, statements regarding the estimation of
mineral resources, exploration results, potential mineralization,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
failure to convert estimated mineral resources to reserves, capital
and operating costs varying significantly from estimates, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects and the other risks involved in the mineral
exploration and development industry, and those risks set out in
Foran's public documents filed on SEDAR. Although Foran believes
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. Foran disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Foran Mining CorporationPatrick SoaresPresident &
CEO416-363-9229409 Granville Street, Suite 904Vancouver, BC,
Canada, V6C 1T2Foran Mining CorporationFiona ChildeVP, Corporate
Development416-363-9229120 Adelaide Street West, Suite 2500Toronto,
ON, Canada, M5H 1T1Foran Mining
Corporation416-363-9229ir@foranmining.comwww.foranmining.com
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