Business
First Mining Announces $5.0 Million Non-Brokered Private Placement Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining Announces $5.0 Million Non-Brokered Private Placement FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / February 6, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF)(OTCQX:FFMGF)(FRANKFURT:FMG) is pleased to announce that it intends to complete an equity financing by way of a non-brokered private placement for aggregate gross proceeds of up to $5,000,000 (the \"Offering\"). Certain insiders of the Company, including Keith Neumeyer, the Chairman of the Board, and Dan Wilton, First Mining's CEO, will be participating in the Offering.The Offering will consist of up to 11,363,637 units of the Company (the \"Units\") at a price of $0.22 per Unit (the \"Unit Offering Price\") for gross proceeds of up to $2,500,000, and up to 10,000,000 flow-through units of the Company (the \"FT Units\") at a price of $0.25 per FT Unit for gross proceeds of up to $2,500,000.Each Unit will consist of one common share of the Company (a \"Unit Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one common share of the Company at a price of $0.33 at any time prior to the date which is three years following the closing date of the Offering.Each FT Unit will consist of one flow-through common share of the Company that qualifies as a \"flow-through share\" for the purposes of the Income Tax Act (Canada) (a \"FT Unit Share\") and one-half of one Warrant on the same terms as the Warrants forming part of the Units.The net proceeds from the sale of the Units issued under the Offering will be used by the Company for development and permitting activities at its Canadian gold projects, as well as for general working capital purposes. The gross proceeds raised from the sale of the FT Units under the Offering will be used by the Company to fund exploration programs that qualify as \"Canadian Development Expenses\" (\"CDE\") as defined in the Income Tax Act (Canada) on the Company's Springpole Gold Project in Ontario, and renounced to subscribers effective December 31, 2020.It is expected that the offering of FT Units will close on or about February 14, 2020, and the remainder of the Offering will close on or about February 28, 202...