Foran Mining Corporation Announces Closing of Private Placement

Nachrichtenquelle: globenewswire
03.12.2020, 00:53  |  138   |   |   

VANCOUVER, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Foran Mining Corporation (TSX-V: FOM) (the “Company” or “Foran”) is pleased to announce that it has completed the non-brokered private placement previously announced on November 9, 2020. The Company raised gross proceeds of CAD $1,000,000 by issuing 5,714,285 units (the “Units”) at a price of CAD $0.175 per unit (the “Financing”). Each Unit consisted of one common share of the Company and one common share purchase warrant with each warrant entitling the holder to acquire an additional common share of Foran at an exercise price of CAD $0.25 per share with an expiry of December 1, 2025.

Two insiders of the Company, Daniel Myerson and Darren Morcombe (the “Insiders”), subscribed for all 5,714,285 Units of the Financing. Mr. Myerson subscribed for 4,000,000 Units of the Company for gross proceeds of CAD $700,000. Mr. Morcombe subscribed for 1,714,285 Units of the Company for gross proceeds of CAD $300,000. The Insiders’ participation in the Financing will support advancement of the Company’s mineral projects. The issuance of Units to the Insiders pursuant to the Financing are considered related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Foran is relying on the exemptions from the formal valuation and minority approval in sections 5.5(b) and 5.7(b) of MI 61-101 in respect of the Company not listed on specific markets and the Financing’s fair market value, at the time the transaction was agreed to, not exceeding CAD $2,500,000, respectively.

Pursuant to the Financing, Mr. Morcombe owns greater than a 10% interest in the capital of the Company on both an undiluted and partially diluted basis. Prior to the Financing, Mr. Morcombe owned or controlled a total of 13,115,500 common shares, 250,000 warrants and 1,171,504 equity incentive securities of the Company. Mr. Morcombe’s holdings of the Company prior to closing of the Financing represented 9.37% of the Company’s issued and outstanding shares on an undiluted basis and 10.28% of the Company’s issued and outstanding shares on a partially diluted basis. As a result of the Financing, Mr. Morcombe now owns 14,829,785 common shares, 1,964,285 warrants, and 1,171,504 equity incentive securities of the Company. Mr. Morcombe’s holdings of the Company following the closing of the Financing has increased his interest to 10.18% of the Company’s issued and outstanding shares on an undiluted basis and 12.07% of the Company’s issued and outstanding shares on a partially diluted basis.

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Foran Mining Corporation Announces Closing of Private Placement VANCOUVER, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) - Foran Mining Corporation (TSX-V: FOM) (the “Company” or “Foran”) is pleased to announce that it has completed the non-brokered private placement previously announced on November 9, …

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