First Mining Gold Corp. (TSX:FF, OTCQX:FFMGF) has announced that it intends to complete a flow-through equity financing, by way of a non-brokered private placement, to raise proceeds of about C$5 million.
The gold developer said gross proceeds from the offering will be used to fund exploration programs that qualify as Canadian Exploration Expenses (CEE) and flow-through mining expenditures, as defined in the Income Tax Act (Canada).
First Mining noted the private placement will consist of 16.5 million company common shares priced at $0.30 per flow-through share.
READ: First Mining Gold poised to consolidate multi-million ounce gold district in Quebec in total deals worth around C$24M
The offering is expected to close on or before August 26, 2022, pending approval from the Toronto Stock Exchange, and all shares issued will be subject to a statutory hold period of four months and one day from the closing date.
First Mining Gold is a gold developer advancing a portfolio of gold projects in Canada, with its most advanced project being the Springpole Gold Project in northwestern Ontario, which is one of the largest undeveloped gold projects in Canada.
The company 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.
First Mining was established in 2015 by Keith Neumeyer, founding president and CEO of First Majestic Silver Corp. (TSX:FR)
Contact Sean at sean@proactiveinvestors.com