Business
First Mining to Sell Non-Core Royalty Portfolio for C$6.7 Million
First Mining to Sell Non-Core Royalty Portfolio for C$6.7 Million Canada NewsWire ...
About this update from First Mining Gold Corp.
[{"type":"text","content":"\n \n \n \n First Mining to Sell Non-Core Royalty Portfolio for C$6.7 Million\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. 6, 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 entered into a definitive agreement to sell its non-core royalty portfolio 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 \"Transaction\").\n \n \n \n \n \n \n \n \n \n \"Following the sale of our Goldlund royalty in December, we are very excited to announce the sale of our remaining non-core royalty portfolio to Elemental Altus,\" stated\n \n Dan Wilton\n \n , CEO of First Mining.  \"The assembly of our royalty package has been in process over the last few years and this monetization transaction will provide near-term liquidity while also retaining upside exposure to a premier emerging royalty company in Elemental Altus.  The proceeds will provide financial flexibility as we continue to advance our two flagship assets, Springpole and\n \n Duparquet\n \n .\"\n \n \n First Mining's royalty portfolio sale to Elemental Altus is 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 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 (the \"TSXV\") under the symbol ELE.\n \n \n The Transaction is subject ...