12:43 PM EDT, 07/11/2025 (MT Newswires) -- Foran Mining ( FMCXF ) Friday said it raised $54.5 million as it closed the second tranche of a $350-million private-placement financing.

The company placed 18.16-million shares at $3.00 per share in the tranche.

Proceeds will be used to complete construction at its McIlvenna Bay mining project, as well as for advancing exploration at near-mine and regional targets.

Foran shares were last seen down $0.07 at $2.80 on the Toronto Stock Exchange.

Price: 2.80, Change: -0.07, Percent Change: -2.44