The Globe and Mail reports in its Tuesday edition that Foran Mining is raising $200-million to pay for its next stage of development. The Globe's Tim Kiladze writes that Foran is selling up to $190-million worth of new shares at $4.10 each through a private placement, as well as $10-million worth of "flow-through" shares that carry a special tax treatment. Foran shares have soared 2,500 per cent over the past three years, transforming the company from a penny stock to an enterprise worth $1-billion, but even established mining companies are struggling to raise money in this market. Many investors got burned when the commodity supercycle, fuelled by China's demand for metals, crashed in 2012. Foran's McIlvenna Bay project in Saskatchewan has benefited from filing formal reserve estimates, which means its investors are not necessarily taking a shot in the dark, and it also attracted some reputable early-stage backers, including Pierre Lassonde and Fairfax Financial Holdings, which lent some credibility. Foran will also produce copper and zinc, two metals that Ottawa has designated as critical for Canada's success in the energy transition. The Globe attributes Foran's success to its reputable management.