Foran Mining Corporation has announced the closing of a 150 million dollar US senior secured project credit facility with a fund managed by Sprott Resource Lending Corporation. Funds from the Credit Facility will be used towards construction of the McIlvenna Bay project 65 kilometers west of Flin Flon.

Foran’s Executive Chairman and CEO Dan Myerson states the transaction with Sprott provides them with the flexibility to continue their three pronged strategy at an attractive cost of capital as they set out to advance McIlvenna Bay to full construction.  Managing partner of Sprott Narinder Nagra notes their financing of Foran is consistent with their strategy to provide innovative and flexible capital to maximize the value of exceptional projects which McIlvenna Bay is and support world class management teams.

Foran adds following the closing of the credit facility definitive documentation for the Ontario Teacher’s Pension Plan Board’s proposed investment of up to 200 million dollars Canadian first announced in August can now be completed and is expected to close in due course.