03:21 PM EDT, 05/28/2025 (MT Newswires) -- Foran Mining ( FMCXF ) was slightly lower on Wednesday after announcinig it has completed the first tranche of its previously announced $350 million private placement financing, for aggregate gross proceeds of approximately $296 million.

A statement noted the first tranche offering involved the issuance of a total 98.5 million common shares of the company at an issue price of $3.00 per common share, for $295.5 million. The net proceeds will be used to complete construction at McIlvenna Bay, as well as for advancing exploration at near-mine and regional targets.

Wednesday's noted said the offering will result in the issuance of greater than 25% of the company's currently issued and outstanding common shares and as such requires shareholder approval under the rules of the TSX. As a result, the company intends to hold a special meeting of shareholders on or about July 10, 2025, when shareholder approval will be sought to exceed the Dilution Limit in connection with completing the second tranche of the offering.

This is intended to be completed following the receipt of requisite shareholder approval and is expected to consist of the issuance of 18.16 million common shares at an issue price of $3.00 per common share for gross proceeds of $54.49 million.