/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
Second Tranche for Gross Proceeds of
$71M Expected to Close on or about
September 17, 2024
All amounts are in Canadian dollars unless stated
otherwise
VANCOUVER, BC, Sept. 16,
2024 /CNW/ - Foran Mining Corporation (TSX: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce
that at a special meeting of shareholders of the Company held today
(the "Meeting"), the shareholders approved the resolutions required
in connection with completing the second tranche of the Company's
previously announced $360 million
offering (the "Offering").
A total of 221,484,547 common shares of the Company were cast,
representing 59.1% of the total issued and outstanding voting
common shares of the Company ("Common Shares") as at the record
date of August 12, 2024. Further
information and details of the Meeting and the matters brought
before the Meeting are contained in the Company's Management
Information Circular dated August 12,
2024 (the "Circular), which is available on SEDAR+ at
www.sedarplus.ca and on the Company's website at
www.foranmining.com.
Of the votes cast at the Meeting: (i) 219,045,995 Common Shares
representing 98.9%, were voted in favour of the Share Issuance
Resolution (as defined in the Circular), and (ii) 146,579,507
Common Shares representing 88.9% (excluding the votes of Common
Shares held directly or indirectly by Fairfax Financial Holdings
Limited) were voted in favour of the Pro Rata Increase Resolution
(as defined in the Circular). A report of the voting results
of the Meeting has been filed on SEDAR+.
As a result of receiving all requisite shareholder approvals at
the Meeting, the Company intends to close the second tranche of the
Offering for aggregate gross proceeds of approximately $70,950,788 (the "Second Tranche Offering") on or
about September 17, 2024.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, committed to supporting a greener future,
empowering communities and creating circular economies which create
value for all our stakeholders, while also safeguarding the
environment. The McIlvenna Bay Project is located entirely
within the documented traditional territory of the Peter Ballantyne
Cree Nation, comprises the infrastructure and works related to
pre-development and advanced exploration activities of the Company,
and hosts the McIlvenna Bay Deposit and Tesla Zone. The Company
also owns the Bigstone Deposit, a resource-development stage
deposit located 25 km southwest of the McIlvenna Bay Property.
The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich VHMS
deposit intended to be the centre of a new mining camp in a
prolific district that has already been producing for 100 years.
The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba, and is part of the world
class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern
Saskatchewan, a distance of over
225 km.
The McIlvenna Bay Deposit is the largest undeveloped VHMS
deposit in the region. The Company announced the results from its
NI 43-101 compliant Technical Report on the 2022 Feasibility Study
for the McIlvenna Bay Deposit ("2022 Feasibility Study") on
February 28, 2022, outlining that
current Mineral Reserves would potentially support an 18-year mine
life producing an average of 65 million pounds of copper equivalent
annually. The Company filed the 2022 Feasibility Study on
April 14, 2022, with an effective
date of February 28, 2022. The
Company also filed a NI 43-101 Technical Report for the Bigstone
Deposit resource estimate on January 21,
2021, as amended on February 1,
2022. Investors are encouraged to consult the full text of
these technical reports which may be found on the Company's profile
on www.sedarplus.ca.
The Company's head office is located at 409 Granville Street,
Suite 904, Vancouver, BC,
Canada, V6C 1T2. Common Shares of
the Company are listed for trading on the TSX under the symbol
"FOM" and on the OTCQX under the symbol "FMCXF".
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information
and forward-looking statements, as defined under applicable
securities laws (collectively referred to herein as
"forward-looking statements"). These statements relate to future
events or to the future performance of Foran Mining Corporation and
reflect management's expectations and assumptions as of the date
hereof or as of the date of such forward looking statement. All
statements other than statements of historical fact are
forward-looking statements. Such forward-looking statements
include, but are not limited to, statements regarding our
objectives and our strategies to achieve such objectives; our
beliefs, plans, estimates, projections and intentions, and similar
statements concerning anticipated future events; as well as
specific statements in respect of our intended timing to complete
the Second Tranche Offering; our commitment to support a greener
future, empower communities and create circular economies which
create value for all our stakeholders while safeguarding the
environment; expectations regarding our development and advanced
exploration activities; and expectations, assumptions and targets
in respect of our 2022 Feasibility Study. The forward-looking
statements in this news release speak only as of the date of this
news release or as of the date specified in such statement.
Inherent in forward-looking statements are known and unknown risks,
estimates, assumptions, uncertainties and other factors that may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements contained in this news release. These
factors include, but are not limited to, management's belief or
expectations relating to the following and, in certain cases,
management's response with regard to the following: the
certainty of funding, including that the Second Tranche Offering
will be completed on the terms and conditions and in line with
anticipated timing disclosed herein; government, securities, and
stock exchange regulation and policy; the Company has a history of
losses and may not be able to generate sufficient revenue to be
profitable or to generate positive cash flow on a sustained basis;
the Company may require additional financing and future share
issuances may adversely impact share prices; market and liquidity
risk; and the additional risks identified in our filings with
Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca).
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated,
estimated, described or intended.
The forward-looking statements contained in this press release
reflect the Company's current views with respect to future events
and are based upon a number of assumptions that, while considered
reasonable by the Company, are inherently subject to significant
operational, business, economic and regulatory uncertainties and
contingencies. Readers are cautioned not to place undue reliance on
forward-looking statements and should note that the assumptions and
risk factors discussed in this press release are not exhaustive.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this press release. All
forward-looking statements herein are qualified by this cautionary
statement. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law. If the Company does update one or more
forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those or other
forward-looking statements, unless required by law. Additional
information about these assumptions, risks and uncertainties is
contained in our filings with securities regulators.
SOURCE Foran Mining Corporation