The brokered offering consists of 47.4 million common shares at an issue price of C$4.05 per share, plus 4.5 million flow-through shares at an average issue price of C$6.66 per share. Agnico will also buy 23 million shares at the C$4.05 issue price as part of its investor rights.
On Monday, Foran Mining opened the session at C$3.92 per share, then surged 7.2% to C$4.08 with a market capitalization of C$1.25 billion by 11:00 a.m. ET. It traded within a range of C$3.39 and C$4.66 over the past 52 weeks.
“Foran is at an exciting inflection point in our journey towards critical mineral production, with the board of directors making the formal decision to proceed with the construction of the McIlvenna Bay project,” CEO Dan Myerson said in a news release.
“Continued support from our largest shareholder, Fairfax, highlights the unique nature of our generational project and the growing demand for new sources of copper, zinc, gold,…
