First Mining Gold Corp. (TSX:FF, OTCQX:FFMGF) announced that due to demand, it has upsized its previously announced non-brokered private placement offering of flow-through (FT) common shares and has closed the first tranche of the offering.
Under the first tranche, First Mining issued 15,749,868 FT shares at a price of $0.30 each raising aggregate gross proceeds of approximately $4.7 million. First Mining expects to close the remainder of the offering on or about September 2, 2022, and expects the offering to raise approximately $5.2 million in total gross proceeds.
The gross proceeds raised from the sale of the offering will be used by First Mining 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).
READ: First Mining Gold provides update regarding its offer to acquire all of the issued and outstanding common shares of Beattie Gold
The FT shares issued under the offering will be subject to a statutory hold period of four months and one day from the issuance of the shares.
The securities have not been and will not be registered under the United States Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to US Persons (as such term is defined in Regulation S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
First Mining is a gold developer advancing a portfolio of gold projects in Canada, with our most advanced project being the Springpole Gold Project in northwestern Ontario, which is one of the largest undeveloped gold projects in Canada, and where it has commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement (EIS) for the project submitted in June 2022.
First Mining also owns the Cameron, Duparquet, Duquesne and Pitt gold projects, all advanced-stage gold projects in Ontario (in the case of Cameron) and Quebec. Its portfolio of gold project interests also includes the Pickle Crow gold project (being advanced in partnership with Auteco Minerals Ltd), the Hope Brook gold project (being advanced in partnership with Big Ridge Gold Corp), an equity interest in Treasury Metals Inc, and a portfolio of 21 gold royalties.
First Mining was established in 2015 by Keith Neumeyer, founding president and CEO of First Majestic Silver Corp.
Contact the author at jon.hopkins@proactiveinvestors.com