A total of 4.5 million flow-through shares will also be issued at a price of C$6.88 each and 1.6 million shares at a price of C$6.27 each. The flow-through shares will raise a further C$30 million.
Foran also announced its intention to amend the existing subscription agreement with Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Agnico will now acquire 24.5 million common shares instead of 23 million, making its total contribution to the placement C$99 million. The revised subscription will allow Agnico to maintain its 9.9% interest in Foran.
The proposed larger common share offerings will result in issuing a number of shares greater than 25% of the company’s current issued and outstanding shares. It will, therefore, require shareholder approval as well as that from the Toronto Stock Exchange.
A feasibility study for the wholly owned McIlvenna Bay copper project, about 375 km northeast of Saskatoon, outlined a 4,200-t/d underground…
