The Conversation (0)
Foran Mining (TSXV:FOM) has closed its previously announced non-brokered private placement of flow-through shares for gross proceeds of $1.6 million. Proceeds of the placement will be used for exploration and development of Foran’s projects in east-central Saskatchewan.
As quoted in the press release:
Each Share was issued on a flow-through basis in connection with which Foran will incur and renounce Canadian Exploration Expenses (“CEE”)(within the meaning of the Income Tax Act (Canada)). The gross proceeds of the Placement 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.
Click here to read the Foran Mining (TSXV:FOM) press release
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