Foran Mining Announces $1.6 Million Financing

Foran Mining Corporation (TSXV:FOM) has negotiated a non-brokered private placement of up to 6,400,000 shares, to be issued on a flow-through basis, at $0.25 per share for aggregate gross proceeds of up to $1.6 million. The offering is anticipated to close on or about December 19.

As quoted in the press release:

The gross proceeds of the Offering will be used for CEE. The Company will use its best effort to ensure that such CEE qualify as a “flow-through mining expenditure” for the purposes of the Income Tax Act (Canada), related to the exploration of the Company’s landholdings in east-central Saskatchewan. The Company will renounce such CEE with an effective date of no later than December 31, 2014 for Canadian exploration expenses prior to December 31, 2015.

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