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According to the company's statement, the proceeds of the proposed investment, together with proceeds from an anticipated senior secured credit facility, will be used for the development of the McIlvenna Bay project towards commercial production. "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," the company said in a press-release.