Foran Mining Corp. is undertaking a non-brokered private placement to raise aggregate gross proceeds of up to C$5 million.
The company will issue up to 10,204,082 shares at 49 cents apiece, it said Dec. 7.
The proceeds will be used to conduct a comprehensive drilling program at Foran's McIlvenna Bay copper-zinc project as well as exploration drilling at its Target A geophysical anomaly and other high-priority targets in the Hanson Lake zinc district, both in Saskatchewan.
The program is expected to begin in January 2018 to take advantage of the winter drilling season. The financing is expected to close by Dec. 31.
Foran recently engaged Glencore Plc unit Glencore Canada Corp. to help complete a feasibility study for the McIlvenna Bay project.
