Foran Mining Corporation Announces Closing of Private Placement - Seite 2

The Company wishes to make a correction in regards to its November 9, 2020 news release. On November 9, 2020, the Company announced that Mr. Morcombe had 3,845,084 equity incentive options and that his holdings prior to and following the Financing represented 11.95% and 13.62% of the Company’s issued and outstanding shares on a partially diluted basis, respectively. These figures were overstated and have been corrected in the above paragraph.

In satisfaction of the requirements of TSXV Policy 4.1 – Private Placements, TSXV Policy 5.9 – Protection of Minority Securityholders in Special Transactions, Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions, National Instrument 51-102 – Continuous Disclosure Obligations, National Instrument 62-104 – Take-Over Bids and Issuer Bids, and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, a material change report respecting the acquisition of securities by the related party transactions and an early warning report respecting Mr. Morcombe’s increased holdings of the Company’s capital structure has been filed under the Company’s SEDAR Profile at www.sedar.com.

The gross proceeds from the Financing will be used to advance Foran’s mineral projects in Saskatchewan, Canada. Closing of the Financing is subject to final approval of the TSX Venture Exchange and all securities issued in the Financing will be subject to a statutory hold period of four months and a day from the date of closing.

The Financing was completed for investment purposes. Depending on market and other conditions, the Insiders may from time to time in the future increase or decrease their ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise.

About Foran Mining

Foran Mining is a zinc-copper exploration and development company with projects located along the Flin Flon Greenstone Belt. The McIlvenna Bay Project, Foran’s flagship asset located within the Hanson Lake District, sits just 65km from 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 225km.