Mining
Wednesday, November 22nd, 2023 4:35 pm EDT
Key Points
- Private Placement Upsized to $10 Million: First Mining Gold Corp. has increased its non-brokered private placement financing, initially set at $5 million on October 26, 2023, to approximately $10 million. The company closed the first tranche of the offering, issuing 63,993,000 units at a price of $0.125 per unit, generating approximately $8 million in gross proceeds. The remainder of the offering is expected to close around December 7, 2023.
- Unit Structure and Use of Proceeds: Each unit comprises one common share of the company and one-half of one common share purchase warrant. The warrant allows the holder to acquire one common share at an exercise price of $0.20 per share within 36 months of the closing date. First Mining intends to utilize the net proceeds from the offering to advance its Springpole and Duparquet gold projects, along with general working capital and corporate purposes.
- Statutory Hold Period and Regulatory Approval: All securities issued in the first tranche are subject to a statutory hold period of four months and one day, complying with Canadian securities laws. The entire offering is contingent on obtaining necessary regulatory approvals, including the final approval of the Toronto Stock Exchange (TSX). The announcement emphasizes that the securities offered are not registered under the U.S. Securities Act and may not be sold within the United States unless registered or exempt from registration under applicable laws.
First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that due to demand, the Company has upsized its $5 million non-brokered private placement financing, previously announced on October 26, 2023, to approximately $10 million (the “Offering“). The Company has closed the first tranche of the Offering and issued 63,993,000 units of the Company (the “Units“) at a price of $0.125 per Unit for aggregate gross proceeds of approximately $8 million (the “First Tranche“). First Mining expects to close the remainder of the Offering on or about December 7, 2023.
Each Unit consists of one common share of the Company (each, a “Common Share“) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 per Common Share at any time prior to the date which is 36 months following the closing date of the First Tranche.
The Company intends to use the net proceeds from the Offering to advance its Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes.
All of the securities issued under the First Tranche are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The Offering remains subject to the receipt of all necessary regulatory approvals, including the final approval of the Toronto Stock Exchange (the “TSX“).
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement (“EIS”) for the project published in June 2022, and the Duparquet Project in Quebec, a PEA stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Auteco Minerals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.), and a large equity interest in Treasury Metals Inc.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
