Business
First Mining Closes Upsized $7.4 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 Closes Upsized $7.4 Million Non-Brokered Private Placement FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / May 16, 2019 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that due to strong demand, the Company has upsized and closed its previously announced non-brokered private placement offering, raising aggregate gross proceeds of $7,411,508 (the \"Offering\").Pursuant to the Offering, First Mining issued 20,412,995 units of the Company (the \"Units\") at a price of $0.27 per Unit for gross proceeds of $5,511,508, and 5,277,777 flow-through units of the Company (the \"FT Units\") at a price of $0.36 per FT Unit for gross proceeds of $1,900,000.Each Unit consists 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 $0.40 at any time prior to the date which is three years following the closing date of the Offering.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 Warrant on the same terms as the Warrants forming part of the Units.The Unit Shares, the FT Unit Shares and the Warrants issued pursuant to the Offering are subject to a hold period under applicable Canadian securities laws of four months and one day from closing, expiring on September 17, 2019.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 Exploration Expenses\" (\"CEE\") and \"flow-through mining expenditures\", as those terms are defined in the Income Tax Act (Canada), and as \"eligible Ontario exploration expenditures\" for the purposes of the Taxation Act, 2007 (Ontario).This news release does not constitute an of...