07:05 AM EDT, 05/15/2025 (MT Newswires) -- Foran Mining ( FMCXF ) , overnight Wednesday priced its previously announced non-brokered private placement of common shares for $350 million.

The private placement will consist of the issuance of 116.7 million common shares at $3.00 apiece and will consist of a subscription for near $156 million from Canada Growth Fund (CGF), about $90 million from Agnico Eagle Mines ( AEM ) , about $75 million from certain affiliates of Fairfax Financial Holdings ( FRFHF ) , and about $28 million from a significant institutional equity investor.

"Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use," said Canada Growth Fund Investment Management Chief Executive Yannick Beaudoin. "CGF is pleased to participate in this investment alongside top-tier investors and mining operators who share CGF's ambition to better leverage Canada's abundance of natural resources and improve Canada's competitiveness."

Foran's Executive Chairman and Chief Executive Dan Myerson will subscribe for near $1 million of the offering, as part of the private placement. Proceeds will be used to complete construction at McIlvenna Bay, and for advancing exploration at near-mine and regional targets.

The offering is expected to be completed in two tranches, with the first tranche of about $296 million expected to close on or about May 28, subject to customary conditions. To complete the second tranche of the offering of near $54 million, Foran said it will be calling a special meeting of shareholders as soon as practicable to seek approval for the issuance of such shares.

Foran has also agreed to enter into an investor rights agreement with CGF and an amended and restated investor rights agreement with Agnico Eagle in conjunction with closing of the first tranche of the offering.

Shares of the company closed down 11.4% to $3.25 on Wednesday on the TSX.