Business
First Mining Closes First Tranche of 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 Closes First Tranche of Private Placement FinancingNot for Distribution to United States News Wire Services or for Dissemination in the United States VANCOUVER, BC / ACCESSWIRE / February 14, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF)(OTCQX:FFMGF)(FRANKFURT:FMG) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement financing (the \"Offering\") for gross proceeds of $2.5 million (the \"First Tranche\").Pursuant to the First Tranche, the Company issued 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 $2,500,000. Each FT Unit consists 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 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 February 14, 2023.The gross proceeds raised from the sale of the FT Units under the Offering will be used by the Company for expenditures 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 no later than December 31, 2020.The FT Unit Shares issued under the Offering are subject to a statutory hold period of four months and one day from closing, expiring on June 15, 2020.Closing of the remainder of the Offering is expected to occur on or about February 28, 2020.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 Gold Corp. is an emerging d...