Foran Mining Corporation announced a brokered private placement of up to 47,407,408 common shares at a price of CAD 4.05 per share for gross proceeds of CAD 192,000,002.4; and up to 4,501,874 flow-through common shares at a price of CAD 6.66 per flow-through common share for gross proceeds of CAD 29,982,480.84; for aggregate gross proceeds of CAD 221,982,483.24 on July 15, 2024. The transaction included participation from various existing long-term shareholders, including Fairfax Financial Holdings Limited. The brokered offering is scheduled to close on or about August 8, 2024, or such other date as the company and the agents may agree, and is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory and other approvals, including that of the TSX. The securities issued pursuant to the brokered offering shall be subject to a four-month plus one day hold period commencing on the day of the closing of the brokered offering under applicable Canadian securities laws.

On the same day, the company announced that it has entered into a securities purchase agreement to issue up to 22,962,963 common shares at a price of CAD 4.05 per share for the gross proceeds of CAD 93,000,000.15. The transaction will include participation from Agnico Eagle. Upon closing of Agnico Eagle?s investment and the Offering, Agnico Eagle is expected to have a 9.9% equity interest in the company on a basic voting basis. The investor will be subject to a four-month plus one day hold period commencing on the day of the closing under applicable Canadian securities laws.