04:47 PM EDT, 07/17/2024 (MT Newswires) -- Foran Mining ( FMCXF ) on Wednesday upsized a planned private placement announced two days earlier to C$260.89 million from its original $222-million target.

The company said it now expects to place 57.01-million shares priced at $4.05 in the brokered financing to raise $230.89 million. It is also offering 4.5-million flow-though shares in the placement, with 2.91-million of the tax-advantaged shares priced at $6.88 per share and 1.59-milion priced at $6.27, for gross proceeds of $30 million.

The company said Agnico Eagle Mines ( AEM ) raised it purchase commitment to 24.47-million shares from 22.96 million, to be acquired in two tranches, to maintain its 9.9% stake in Foran.

Foran said the net proceeds of the offerings will be used for exploration and development of the company's mineral projects in Saskatchewan, including its McIlvenna Bay Project, and for working capital and general corporate purposes.

Because of the placement is for more than 25% of the company's outstanding shares, shareholders will need to vote on the issue under exchange rules.

Foran shares closed down $0.06, or 1.5%, to $4.00 on the Toronto Stock Exchange.