First Mining Gold Corp said it has closed the final tranche of its upsized non-brokered private placement offering of common shares of the company that qualify as flow-through (FT) shares for the purposes of the Income Tax Act (Canada), raising aggregate gross proceeds of $0.6 million.
Under the final tranche, First Mining issued 2,000,000 FT shares at a price of $0.30 each. Together with the funds received by the company in the first tranche, First Mining raised approximately $5.3 million in total gross proceeds across the two tranches of the offering.
The company said the gross proceeds raised from 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 closes first tranche of its previously announced non-brokered private placement which it upsized due to demand
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, expiring on December 27, 2022, in the case of the FT shares issued under the first tranche of the offering) and January 3, 2023, in the case of the FT shares issued under the final tranche of the offering.
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 (TSX:TML), and a portfolio of 21 gold royalties.
Contact the author at jon.hopkins@proactiveinvestors.com