The Vancouver-based company is offering up to 12.87 million common shares, comprising 4.54 million flow-through shares at C66c each, for total gross proceeds of up to C$3 million, and 8.33 million ordinary common shares at C48c apiece, for gross proceeds C$4 million.
Foran in December signed a technical services agreement with Glencore Canada to provide technical services and expertise to advance the McIlvenna Bay base metal project feasibility study, in return for an exclusive offtake contract for Glencore to buy, or toll process, all of the concentrates and/or other mineral products produced from the project at prevailing market rates. Foran's responsibilities include upgrading current resources to reserves and all environmental and socioeconomic elements of the feasibility study.
Said to be one of the largest undeveloped volcanogenic massive sulphide ore deposits in Canada, Foran plans to conduct a resource definition and infill drilling programme at McIlvenna Bay to improve confidence in the resources outlined to date.
Foran maintains full ownership of the project, and the feasibility study is due nine months from the date on which the final assays from the infill drill programme is received.