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The non-brokered private placement had taken place in two tranches, with a total of 6.3 million flow-through shares issued for $4.1 million and 10.9 million common shares issued at 48c to raise $5.2 million.
Foran CEO Patrick Soares said the placing was oversubscribed, showing investors' confidence in McIlvenna Bay, which is in Canada's Hanson Lake District.
"This latest round of funding will support critical work required to complete the feasibility study, the next step in order to consider a production decision for McIlvenna Bay," he said.
Foran's shares closed at 48c Thursday after the announcement.
