First Mining Completes Sale of Non-Core Royalty Portfolio

About this update from First Mining Gold Corp.

[{"type":"text","content":"\n \n \n \n First Mining Completes Sale of Non-Core Royalty Portfolio\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 21, 2023\n \n \n /CNW/ -\n \n First Mining Gold Corp. (\"First Mining\" or the \"Company\")\n \n (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has completed the previously announced sale of its non-core royalty portfolio (the \"Transaction\") to Elemental Altus Royalties Corp. (\"Elemental Altus\") for total consideration of approximately\n \n C$6.7 million\n \n , comprised of\n \n C$4.7 million\n \n in cash and 1,598,162 common shares of Elemental Altus (the \"Consideration Shares\").\n \n \n \n \n \n \n \n \n \n First Mining's royalty portfolio sale to Elemental Altus comprised of 19 royalties across four countries, and includes a 2.0% net smelter return (\"NSR\") royalty on the Pickle Crow Gold Project that is located in\n \n Ontario\n \n and is being operated by Auteco Minerals Ltd., a 1.5% NSR royalty on the Hope Brook Gold Project that is located in\n \n Newfoundland\n \n and is being operated by Big Ridge Gold Corp., and a number of other royalties on exploration and development projects.\n \n \n Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets, and its common shares trade on the TSX Venture Exchange under the symbol ELE.\n \n \n The Consideration Shares are subject to a statutory hold period of four months and one day from the issuance of the shares, expiring on\n \n June 22, 2023\n \n , along with a contractual restriction that expires six months after the closing date of the Transaction, namely\n \n August 21\n \n , 2023.\n \n \n \n About First Mining Gold Corp.\n \n \n \n First Mining is a gold developer advancing two of the largest gold projects in\n \n Canada\n \n , the\n \n Springpole\n \n Gold Project in northwestern\n \n Ontario\n \n , where we have commenced a Feasibility Study and permitting activities are...

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