Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies
Foran Mining Corporation (TSX.V: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce it has entered into a non-binding term sheet with Ontario Teachers’ Pension Plan Board (”Ontario Teachers’”), which contemplates a transaction that, if completed, would have Ontario Teachers’ invest up to C$200M in the McIlvenna Bay project.
The parties are now under exclusivity and intend to enter into definitive documentation in Q3 2022. The proposed investment remains subject to, among other things, ongoing due diligence by Ontario Teachers’ and Foran securing a senior secured credit facility. See below for “Senior Secured Credit Facility Update.”
No assurance can be given that the proposed investment described herein will be completed in accordance with the terms described or at all.
It is anticipated that closing of the proposed investment will be subject to, among other things, TSX Venture Exchange approval, Foran obtaining a binding commitment for a senior secured credit facility to further advance the project, execution of joint operating and governance agreements, as well as other conditions customary for a transaction of this nature.
Foran is well advanced in its process to obtain a senior secured credit facility. The Company has received multiple term sheets to-date from various reputable mining finance partners and intends to select a preferred party to underwrite a senior secured ESG-linked credit facility in the near term with the final amount to be confirmed by the Company once determined. Foran will continue to provide updates on this matter in due course and as appropriate.
Source: Company Press Release