Foran Mining Corporation has completed the first tranche of a $350 million non-brokered private placement to fund the continued development of its flagship McIlvenna Bay project in Saskatchewan. The offering involves the issuance of 116,666,667 common shares at $3.00 per share.

The transaction attracted major institutional investors, including a $156 million commitment from Canada Growth Fund Inc. (CGF), $90 million from Agnico Eagle Mines Limited, and $75 million from affiliates of Fairfax Financial Holdings Limited. An additional $28 million was contributed by an unnamed significant institutional investor. Dan Myerson, Foran’s Executive Chairman and CEO, personally subscribed for approximately $1 million worth of shares, signaling strong insider confidence.