Foran Announces Closing of Non-Brokered Flow-Through Financing for
Proceeds of $1.2M
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 11, 2014) -
Foran Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the
"Company") is pleased to announce it has closed the previously
announced non-brokered private placement (the "Placement"; see the
Foran news release dated January 17, 2014). The Placement was fully
allocated and the Company raised proceeds of $1.2 million, which
consisted of 6,000,000 units of the Company (the "Units") at a
price of $0.20 per Unit. Each Unit consisted of one 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 is exercisable for one Common Share
at a price of $0.30 per Common Share until August 11, 2015.
The proceeds of the Placement will be used for exploration on
the Company's landholdings in east-central Saskatchewan.
A total of 248,000 Units, representing gross proceeds of
$49,600, were acquired by directors and officers of Foran,
including Units acquired by persons for accounts over which
directors and/or officers of Foran have direction and control (the
"Insider Purchases"). The Insider Purchases constituted a 'related
party transaction' under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Placement was approved by all
of the non-interested directors of the Company; the interested
directors (and officers) abstained from approval of this matter.
The Insider Purchases are exempt from the valuation and minority
approval requirements of MI 61-101 on the basis that no securities
of the Company are listed or quoted on any specified markets,
namely the Toronto Stock Exchange, the New York Stock Exchange, the
American Stock Exchange, the NASDAQ Stock Market, or a stock
exchange outside of Canada and the United States other than the
Alternative Investment Market of the London Stock Exchange or the
PLUS market operated by PLUS Markets Group plc, and at the time the
Placement was agreed to, neither the fair market value of the Units
nor the consideration to be received for those Units, insofar as
the Placement involved interested parties, exceeded $2,500,000.
All securities issued in the Placement are subject to a four
month hold period. On closing of the Placement a finder received
75,000 finder units, such units consisted of one common share and
one-half of one Warrant; each whole Warrant is exercisable for one
Common Share at a price of $0.30 per Common Share until August 11,
2015.
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
Development416-363-9229199 Bay Street, Suite 2500, P.O. Box
285Toronto, ON, Canada, M5L 1G9Foran Mining
Corporation416-363-9229ir@foranmining.comwww.foranmining.com
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