Foran Mining Corporation

Foran Mining Corporation

October 31, 2007 16:59 ET

Foran Announces Closing of Private Placement With MineralFields Group

SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 31, 2007) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran") announces the completion of a non-brokered private placement for gross proceeds of $1,500,000 through the sale of 8,571,427 flow-through units at $0.175 per unit with MineralFields Group. Each flow-through unit consists of one flow-through common share and one non-flow-through share purchase warrant. Each warrant has a term of 24 months with an exercise price of $0.40 in year 1 and $0.75 in year 2. The securities are subject to a four month hold period which will expire on February 24, 2008.

Limited Market Dealer Inc. has been paid a cash finders fee of $90,000, equal to 6% of gross proceeds. A finder's fee option has been issued for 599,999 non-flow-through units at an exercise price of $0.175 per option.

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Foran Mining Corporation
    Bob Nylen
    President & CEO
    (306) 956-3105